Debt Recovery Solicitor

What is a debt recovery solicitor?

A debt recovery solicitor does the legal work in relation to the debt collection process. This is normally the last stages of a debt collection process because the law is the last resort in a debt collection matter and the toughest sanctions of the law are reserved for the most recalcitrant debtors. If you have a debtor who has simply disappeared or refuses to pay then you may need to resort to legal action to recover the debt. Although this can be expensive legal action also has quite a high rate of recovery because it is generally taken much more as a sign that you are serious about recovering than any other step which you might look at taking such as calling the debtor or sending a letter of demand or even hiring a debt collection agency.

The types of legal actions that a debt recovery solicitor does is filing the initial statement of claim in relation to a matter, filing a notice of motion for default judgment if the matter is not defended or responding to a defence if the matter is defended. The solicitor may also pursue the order for garnishee or for repossession or where it appears that the debtor is insolvent, they can pursue winding up proceedings in the case of a company by issuing a statutory demand or they can pursue bankruptcy proceedings in the case of an individual debtor. This will either result in the appointment of a trustee in Bankruptcy or the liquidator of a company being appointed which are also serious actions in relation to the debtor and can be expensive legal processes. It is necessary to engage a solicitor though if this is the situation that is been explored however, because a debt collection agency cannot be involved at this point because they will most likely not be skilled in the legal aspects of debt collection in the way that debt recovery solicitor will be. Often there is a very close relationship between debt collection agencies and debt collection lawyers. So if you have engaged a debt collection lawyer, it will be easy for them to refer you to an appropriate lawyer if that is what is required.

Debt Collection Letter Resources