Property Debt Goes Wrong – Your Legal Exposure

At Bell & Company, we’re here to help you manage that gap, so if you’ve overstretched your capacity and now find yourself facing potential Insolvency or Bankruptcy, call us now for impartial advice on how to resolve your debt problems....more

Chat Icon Call us now on 0330 159 5820

 
 
 
 

DOWNLOAD YOUR FREE SME DEBT BOOK FROM ONE OF THE UK's LEADING INDEPENDENT DEBT STRATEGISTS

SME Debt eBook
 
 
I'm a human - click here

Property Debt Goes Wrong – Your Legal Exposure

Whilst property laws and the recovery of associates debt has its own Statute, the usual debt collection methods also come into play. Therefore, it’s important to get a bearing of where a case may go, dependent on the route the creditor chooses. For example, do they go all out for a Judgement or do they look at extended litigation.

Below we have listed the types of actions open to any lender, in the event of issues arising from a non-performing loan.

Each and every option open to a creditor is different as are everyone’s circumstances and the types of case. Typically shortfalls on a Buy to Let are more civilly dealt with against the scenario of a creditor seeking a Judgement say on a PG, then applying for an Order Charging Land on the home.

If there are more than one of the scenarios/action in place, then the issues can compound. You need to make sure you are ‘fighting the right fight’. For example some clients vent their fury at say a Fixed Charge Receiver when the final Demand will come from the lender, who should be the point of focus from the outset.

Below is a list of the types of actions taken by lenders and/or their agents and advisors to recover money owed:
    1. Fixed Charge Receiverships,
    2. Administrators,
    3. Liquidations,
    4. Repossession Proceedings,
    5. County Court Summons, culminating in
    6. County Court Judgements,
    7. Orders Charging Land,
    8. Statutory Demands, culminating in
    9. Bankruptcy Petitions,
    10. High Court Actions,
    11. High Court Recovery, and
    12. Appointment of Bailiffs.
The key to dealing with any litigation or legal is to act, immediately and get the best specific advice. By best specific advice we mean:
    1. Using advisors that work specifically in that area,
    2. Check their track record, and
    3. Ensure they are commercial in their appearance. This is so important.

Too often we see people using the ‘family’ lawyer who is good at conveyancing but not well versed in this form of potential litigation

Armed with that specific advice – be realistic and pragmatic. Because, if you are not and your judgement and decisions are jaundiced by any emotions, you will fail and the costs in defeat can be extortionate.

We at Bell & Company always say, ‘know the worst – achieve the best’.

Chat iconFor impartial advice call us on 0330 159 5820

Tick iconBeing in business is always a risk

Bell & Company work with all industries, including construction, hospitality, retail and farming – whatever your business, we can help.

We’ll do everything we can to keep your company on its feet, but if you do need to go down a route of insolvency, we develop and implement strategies that will work. These strategies are tailored to your individual needs to get the outcome that you want.

Successes Achieved >>

Free Initial Case Review

From the outset, we establish clear bottom lines with our clients, so we understand what their priorities are and what must be protected. We then create a strategy to navigate the way out of corporate and personal debt with impartial advice and rigorous action.

Specialist, Impartial Advice

The team at Bell & Company combine technical expertise with over a decade’s experience, to find the strategies and solutions to resolve our clients’ debt dilemmas. This means that when you’re with us, you can be assured that we’re working for your best possible outcome.

Chat iconCall us now on 0330 159 5820
CALL US NOW