Worthingtons Solicitors Belfast - Debt Recovery 2012

7/31/2019 Worthingtons Solicitors Belfast - Debt Recovery 2012

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Debt

recovery


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D r

Contents Pages

n Look Beore you Leap 2

nPreliminary Steps 3-4

nSmall Claims - Debts up to 3000 5-6

nCounty Court - Debts up to 15,000 7

nHigh Court - Debts over 15,000 8

nThe Enorcement o Judgments Ofce (EJO) 9-11

nInsolvency/Winding Up Proceedings 12-13

nProessional Fees and Outlay 14-16

nInterest 16

nContact Us 17

1www.worthingtonslaw.co.uk


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1. Are your own Credit Control measures sufcient?

2. Do you have suitable Terms and Conditions? In theevent o a dispute is there a condition reserving

jurisdiction to Northern Ireland

I not, - we can help?3. How and when did the debt arise? You have 6 years

rom the date o any Agreement/Contract/Invoiceor breach thereo to instigate court proceedings torecover a debt

4. Has the debtor sufcient income or assets todischarge the debt?

5. Do you know whether the debtor owns propertyjointly or otherwise?

6. Are there any previous Court Judgments against thedebtor? Have they been paid?

7. Have Enorcement Proceedings been institutedagainst the debtor by other creditors?

8. What evidence exists to prove the debt?For example...

- Invoice,- terms and conditions,- correspondence,

- retention o title clause,- verbal evidence only?

9. There are a number o other issues which could beconsidered depending on the status o the debtor

(a) I the debtor is a limited company;

- what is its ull title, registered ofce and other

trading addresses?- does the company own or lease the premises?- What assets does it own?- do you have any knowledge o its general

perormance and/or credit history?

(b) I the debtor is a Partnership;

- what is the ull trading title andbusiness address?

- what are the names o the various partners?- do you have any knowledge o the general

perormance and/or credit history?

(c) I the debtor is an individual/sole-trader;

- What is his/her ull name and trading address?- what is his/her home address?- what assets are owned?- do you have any knowledge o his/her

credit history?- is the debtor in gainul employment?

10. I the debt is in respect o rent arrears, isthere a guarantor?

Lk bf yu Lap

2

There is oten little point instigating debt actioni the debtor is a `man o straw i.e. has noincome or assets to discharge the debt.

There are a number o important questions,which you must consider thereore beorecommencing legal proceedings


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Plimina

Sps

Option 1: Letter Before Action

A relatively inexpensive measure is to send a SolicitorsLetter Beore Action (LBA). This letter demands paymentwithin seven days and puts the debtor on writtennotice that ailure to pay will lead to legal proceedingsbeing instigated without urther notice or warning. Itis our practice to issue the LBA upon the day we areinstructed (assuming instructions are received in goodtime). We will send a threatening reminder letter to thedebtor ater seven days, which we will ollow up with a

telephone call, i possible.

This letter may prompt payment!

However, If there is no satisfactory response within

3 days of the reminder letter, we will revert to you for

your instructions.

There are a number o Preliminary Steps which you may wish to consider beoreinstigating ull court proceedings...

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Option 2: Status Checking on the Debtor

Status checking or credit checking on a Debtor beoreinstigating court proceedings is highly recommended.

You may consider credit enquiries in addition to, or as analternative to an LBA. There are a number o preliminaryenquiries that may be undertaken and which may helpguide you in deciding whether to instigate proceedings.These costs are not recoverable rom the debtor.

Action Outlay

EJO Search 8.00

Bankruptcy Search 20.00

Company Search 10-351

Registry o Deeds Search 35.00

Land Registry Search 6-18.00

Worth Suing Report2 150-2001 Depending on the document charge per item.2 The Worth Suing Report includes all o the above searches.

NB, We will gladly advise o proessional ees or each actionon request.

1. EJO and Bankruptcy Searches should help indicate

whether the debtor is already a bankrupt, or whether

there are Enforcement Proceedings registered

against them.

2. A Company Search may help in identiy theDirectors, registered ofce, when accounts were lastfled etc.

3. I the property is Registry of Deeds then a Registryo Deeds Search may help to identiy whetherproperty is actually owned by the debtor.

However, a computer search will only show negativeactions, such as mortgages and other charges, againsta particular property, and only ater computer recordsbegan in 1990. It will not show any results i a property

has been bought outright, without a Mortgage.

4. I the property is Land Registry, a Land RegistrySearch may help to show any mortgages/chargesand any pending dealings on Folios.

5. The Worth Suing Report includes all o the abovesearches and may assist in determining the likelihoodo obtaining payment i Court proceedings areinstigated. We would recommend that a Worth SuingReport is obtained where the debt exceeds 2,000.

N.B I proceedings are issued and/or judgment is obtained,and/or Enorcement Proceedings commenced, andultimately the debtor proves to have insufcient income orassets , you still remain liable or our legal costs.

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We will prepare an Application or Arbitration, submitonline, together with the appropriate court outlay(please see table on page 6). This outlay is added tothe debt i your application is successul and judgmentawarded.

The Application will be endorsed by the Court ofcewith a return date, and sent to the debtor. We willreceive a copy along with an Applicants InormationPack. The debtor must lodge a dispute, counterclaim ormake payment prior to the return date. The progress othe Application can be ollowed online.

1. Should the debtor pay:

they are liable to pay total amount claimed, andapplicable interest, together with the court outlayincurred. The debtor will not be liable or our ees orany search outlay.

2. Should the debtor fail to respond:

we will obtain a Judgment in Deault, which willthen be served on the debtor by frst class post. TheJudgment will include the amount awarded by thecourt together with the Court Outlay, applicableinterest. It will not include our ees. The Judgmentmay aect the debtors ability to obtain credit in theuture. I the debtor does not make payment, youmay wish to consider Enorcement Proceedings (seeEnorcement Section).

3. Should the debtor lodge a dispute or acounterclaim:

your case will be given a date or hearing beorethe District Judge. It is imperative that you or yourrepresentative attend this hearing and bring allpaperwork to prove the debt. These proceedings arerelatively inormal and you can represent yourselat the Small Claims Court but you may also havelegal representation. Should you request legalrepresentation, win or lose, you will be responsible

or paying our costs.

Small claims

courtPdingsSmall Claims Debts Debts up to 3,000

County Court Debts up to 15,000

High Court Debts exceeding 15,000

Your case will only be heard i the claimis disputed, a counterclaim issued, or anunacceptable repayment proposal is made bythe debtor. Most cases are undeended andyou will not need to attend court. Rememberno proessional ees are awarded in the smallclaims court.

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4. Should the debtor lodge an Acceptance ofLiability:

this means that the debtor has admitted that they

owe the debt but are unable to make ull immediatepayment to settle this matter, and may seek timeto pay

- Should you not accept this oer, the matter will belisted beore the District Judge or directions.

- Should you agree to the oer, a Stay o Executionwill be attached to the Order.Please note that enorcement is not possible untilthis has been removed.

- Should the debtor then deault in any weekly/monthly payments, the Stay o Execution can beremoved by way o signed Afdavit, a ull Judgmentobtained and served on the debtor.

- I the debtor does not make payment, you maywish to consider Enorcement Proceedings (seeEnorcement Section)

Small Claims Court Outlay:

Debt Amount: Court Outlay

Up to 300 30.00

Up to 500 50.00

Up to 1000 70.00

Up to 3000 100

Remember

(1) The court does not pay the amount that isawarded, it only decides who is liable.

(2) No legal fees are awarded by the SmallClaims Court.

We will gladly provide a fee proposal in each case.Please contact our Debt Department and/or [email protected]

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We will prepare the Civil Bill, and submit to the courtstogether with a cheque or the court outlay.It will then be stamped by the court and served on thedebtor. The Debtor has 21 working days ater service tolodge a Notice o Intention to Deend.

1. Should the debtor paywithin 21 days o receiving the Civil Bill, they will beliable to repay the original debt, applicable interestand recoverable ees awarded by the court (these areknown as 21 day costs, which are fxed by statuteand are detailed on page 14).

2. If the matter is undefended, i.e.the debtor ails to respond within 21 days, we willsend an Afdavit o Debt to you, which must besworn in the presence o a solicitor. We will thensubmit all the relevant paperwork together with acheque or the court ee o 75.00 and a CountyCourt Judgment (CCJ) obtained. This option does

not normally require your attendance at court. Oncea CountyCourt Judgment has been obtained thedebtor is liable to pay the principal sum, applicableinterest and a higher scale o recoverable costs.

3. If a Notice of Intention to Defendis received, then the issue o costs is one to consider

very careully, as our ees or a contested matter aremarked in accordance with the County Court ScaleFees, which are signifcant. I you were to lose acontested case, you would be liable or not only ourcosts but also the debtors legal costs. Should a Noticeo Intention to Deend be served, we will discuss thecosts implications o proceeding urther

In a contested case, i you are successul, additionalproessional ees, as appear in the County Court Ruleswill be added to the Debt and may be recoverable rom

the Debtor, i recovery is secured ultimately.


cun cu

Pdings

County Court Outlay:

Civil Bill up to 5,000 165.00

Civil Bill up to 15,000 185.00

Mark Judgment 75.00

Afdavit 7.00

Certifcate o Readiness 250.00

Debts up to 15,000

Unless your claim is disputed, you will not haveto attend Court and Judgment may be obtainedby completion o the relevant documentation.

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Debts Exceeding 15,000

A Writ o Summons may be issued in theHigh Court or any debt above 600, but maybe transerred to the County Court, shouldthe debtor object. Again unless your claim is

disputed you will not have to attend Court andJudgment may be obtained by completion othe relevant documentation

We will prepare the Writ o Summons, and send to thecourt together with a cheque or 200.00, in respecto the court outlay; It will then be stamped by thecourt and a copy served on the debtor. The Debtorhas 14 working days ater service in which to lodge aMemorandum o Appearance.

1. Should the debtor pay within 14 days oreceiving the Writ, the Debtor will be liable or theprincipal sum, applicable interest and recoverablecosts.

2. If the matter is undefended, i.e., the debtorails to respond, we will submit the relevant paperstogether with payment o 75.00 to the court and

a High Court Judgment will be obtained. Once aJudgment has been obtained, the debtor is liableto pay the principal sum, applicable interest and ahigher scale o recoverable costs.

3. If a Memorandum of Appearance isreceived, then the Debtor has eectively signalledtheir intention to dispute the debt. In this event, theissue o costs is one to consider careully as i youwere unsuccessul, you would be liable or not onlyour costs but also the debtors legal costs, which canbe considerable. I the Writ has been issued or lessthan 15,000, then the action may be remitted tothe County Court, to save costs.

The recoverable costs will be added to the debt andshould be recoverable rom the debtor, i recovery isachieved ultimately.

I the debtor ails to pay ater Judgment, you maywish to consider Enorcement Proceedings (please seeEnorcement Section)

We will gladly provide a fee proposal in each case.

Please contact our Debt Department and/or [email protected]

High cu

Pdings

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High Court Outlay:

Writ 200.00

Judgment 75.00

Afdavit & Exhibit 9.50

Set-Down Fee (i required) 300.00


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The EJO has various powers;

It can seize assets belonging to the Debtor,

Afx an Attachment of Earnings Order whereby part

o the Debtors wages are paid direct to the EJO,

Attach an Instalment Order, should the debtor owntheir own business,

Impose an Order Charging Land on thedebtors property.

Other powers exist particularly in relation to securingbusiness assets/stocks/shares and other fnancial gainsreceived or due to be received by the debtor.

Procedure1. Notice of Intention to Enforce a

Money Judgment

We will prepare the appropriate Notice, which mustbe issued and served prior to an Application or FullEnorcement, or Discovery. This is sent to the EJO induplicate, together with the EJO outlay o 20.00,and served upon the debtor by the EJO. The Noticewill make a claim or:

the Judgment sum

interest thereon @ 8% per annum

any costs awarded by the Court

and the EJO outlay of 20.00

No urther action may be taken or 10 days rom thedate o service o the Notice. I there is no responsethe next step is to make an Application or FullEnorcement or an Application or Discovery. (N.B.the Notice will be valid or a period o three months

only and will lapse i unserved)

2. Application for Full Enforcement

We will prepare the Application or FullEnorcement/Discovery and lodge with the EJOon receipt o the EJO Fee, which is calculated withreerence to the amount o the debt. The initial EJOFee o 20 and the Application Fee will be addedto the total amount to be pursued by the EJO.However, the EJO will only allow a nominal ee inrespect o our proessional ees; the remainder will

remain your responsibility.

Details o the EJO Fees appear on page 15.

th

enfmnf JudgmnsoffiShould a debtor ail to pay ollowing Judgment,

one method o pursuing urther recovery isto reer the matter to the Enorcement oJudgments Ofce, or the EJO, as it is known.

The EJO is a government body, empowered torecover or enorce Judgments, where possible,albeit or a scale ee depending on the amounto debt to be recovered. Remember that theEJO cannot recover what is not there, and youmay wish to apply or a Discovery Order as to

the debtors means at the appropriate stage(see page 10).

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Upon receipt o an Application or Full Enorcement/Discovery and the appropriate ee, the EJO willrequest that the debtor attend or interview, toascertain their fnancial status and produce a MeansReport. I the debtor ails to attend, the EJO canissue a Warrant or Arrest against the debtor.

The debtor will be reported in Stubbs Gazette andthis may well have a negative impact on their abilityto continue trading and/or obtain credit.

Depending on the results o the Means Report, theEJO will, i possible, implement appropriate measuresto try and to secure payment.

N.B. the EJO cannot guarantee recovery, especially i theDebtor has judgments registered against them beore

yours, or i they have disposed o their assets toavoid payment.

Please also note, the EJO process may take aconsiderable period o time, and the EJO outlay,although recoverable rom the Debtor i enorcement issuccessul, can be substantial. Our own proessional eesare not recoverable.

You do not want to throw good money ater bad.Careul consideration must be given to whether anenorcement application is worthwhile.

3. Application for Discovery

Should the debt exceed 3,000, you may wish toconsider an Application or Discovery prior to FullEnorcement Application. This is where the EJO will

prepare a Means Report on the debtors fnancialstatus, or a set ee o 150.00. The Report shouldhelp you to make a more inormed decision onwhether the debtor is a good mark or recoveryand whether a ull Enorcement Applicationis worthwhile.

On receipt o the report, you have 10 days to decidewhether to pursue a Full Enorcement Application.I you decide to pursue Full Enorcement you willmaintain your priority ahead o any subsequent

applications and the ee o 150.00 will be deductedrom the EJO application ee. Should you decide notto pursue, you will lose your position and the150.00 ee.

EJO Orders

Attachment of Earnings Order:

I the debtor is currently employed and cannot aord to

pay the debt in ull, the EJO may serve an Attachmento Earnings Order upon their employer. This will obligethe employer to deduct a specifed sum rom thedebtors wages and orward to the EJO or onward

payment to the Creditor.

Instalments Orders

I the debtor is sel-employed, his Income cannot besubject to an Attachment o Earnings Order. The EJO willinstead request payment by way o an Instalment Orderwhich will speciy the date and amount o payment.Should the debtor deault or no good reason oneoption is to issue Committal Proceedings to have thedebtor imprisoned. (However this may require separateproceedings which can be expensive.)


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Seizure Order:

As the name suggests the order permits the EJO to seize

sufcient goods or assets rom the debtor to secure

payment or the debt. The ollowing goods cannot beseized:

debtors clothes and household furniture;

any goods subject to HP Agreements;

tools of the trade to the value of 100;

any goods in the hands of a Receiver which have

been appointed by Court.

Order Charging Land:

I a debtor owns property, whether jointly or otherwise,we can request that the EJO issue a Charge on theland, in an eort to secure payment. Only when theOrder has been registered against the property and theproperty sold/remortgaged, will payment be securedrom the net proceeds o the sale. An Order orcing salecan only be made i there are no other legal or equitableinterests in the property (e.g. Spouse). Please note that

the Order Charging Land only survives or a period o 12years rom the date o Judgment. Should the debt notbe paid within this period a resh Order will not issue.

Order Appointing Receiver:

I the debtor receives additional monies rom anothersource or example rom a personal injury claim or

rom a remortgage, the EJO can serve this Order onthe Third Party, thereby appointing them the Receiver.Once served on the Receiver, the Receiver is obliged toorward the net monies, to the EJO, who will orward

payment to whichever creditor has priority.

Please Note:

The EJO process may be ineective i ultimately thedebtor has insufcient means to discharge the debt and

a Certifcate o Unenorceablity results. This is why itmaybe be worthwhile obtaining a Worth Suing Reportor making an Application or Discovery, prior to FullEnorcement action.

N.B. i there is more than one Judgment being Enorced,the EJO will deal with each Application in the order theyare received by their ofce. I the EJO secures moniesrom the debtor, these monies will be used to dischargewhichever debt has priority.

Particulars o the EJO ees are listed on page 15.

Additional proessional ees are chargeable or dealingwith orders and summons issued by the EJO.

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Procedure:-

We will drat the Statutory Demand and arrange to haveit served personally on the Debtor. The debtor has 21days ater service to pay in ull, ailing which you caninstigate ormal insolvency proceedings. There is noobligation on you to proceed to the next step unless

you wish to do so.

1. Should the debtor make payment within 21 days youare entitled to the amount claimed together withinterest. N.B., the Proessional Fees & outlay are notrecoverable at this stage.

2. I the debtor raises a valid dispute, an applicationmay be made, within 18 days, to have the StatutoryDemand set aside. Thereater civil proceedings willhave to be issued.

3. I the debt remains unpaid ater 21 days, you maywish to pursue ormal insolvency proceedings,but be warned that to declare a debtor bankruptor to place a company in liquidation could beresigning yoursel to the act that you are unlikelyto secure ull recovery. Insolvency proceedingsare not just or your own debt, but or all debtsowed to all creditors. You take no precedenceover other creditors just because you instigatedthe proceedings. All creditors rank equally inan insolvency situation, apart rom preerentialcreditors such as the Inland Revenue.

I you decide to proceed with insolvency proceedings,we will drat the bankruptcy or winding-up petition.The details in this petition must be verifed by you byway o a Sworn Afdavit. We will prepare the relevantdocuments, obtain the appropriate search certifcatesand publish the necessary advertisements, all o whichwill be fled in court and a date obtained or hearing.Only when a Petition is issued are you entitled toProessional Fees and additional outlays.

Insln

BANKRUPTCY/WINDING-UPPROCEEDINGS

Insolvency proceedings directed against anindividual are known as bankruptcy proceedingsand those against a Limited Company areknown as Winding-Up Proceedings.

The frst step is to prepare and serve a theStatutory Demand. A Statutory Demand cannotbe issued i the debt is less than 750 or i thematter is disputed.

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The petition must then be served personally on thedebtor, and in the case o winding-up proceedings, thepetition is advertised in the Belfast Gazette. This willalert other creditors.

The solicitor, or other legal representative must attendthe court hearing, and usually there is no need or youto attend. I the documentation and all proceduralrequirements are in order, and i no payments or disputehas been raised by the debtor, then the Master shouldgrant the Order.

Thereater, the proceedings all under the remit othe Ofcial Receivers ofce, which will appoint anInsolvency Practitioner: Trustee in Bankruptcy or aLiquidator, and convene a meeting o creditors. From

this point, control o the proceedings passes to theInsolvency Practitioner, and it may be some monthsbeore you hear anything urther. The Trustee/Liquidatorwill realise any assets, discharge any ees and i anymonies remain, these will be distributed, frst topreerential creditors and then to unsecured creditors.Even then, any dividend is not likely to be payable orsome time ater the date o the Order.

Insolvency proceedings are costly and although you areentitled to payment o your legal costs once the petitionhas been fled in court, payment may only be made ithere are sufcient unds available. Even then, you may

not receive anything or a signifcant period o time.Ultimately, you are responsible or payment o ourees and outlay, and you seek reimbursement rom theTrustee/Liquidator. Consideration should be given beoretaking the decision to proceed with bankruptcy orwinding-up.


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Professional Fees

Fees for obtaining Default Judgment appear below. The Table below details the court outlay and recoverable fees awarded by the Courts.

For a ull assessment o likely ees, please contact our Debt Department and/oremail [email protected]

Amount ofDebt

(up to)

Initial CourtOutlay

JudgmentOutlay

Professional Fees Awardedby Court at Judgment

(recoverable fees)

150 30 Nil Nil

300 30 Nil Nil

500 50 Nil Nil700 70 Nil Nil

1000 70 Nil Nil

2000 100 Nil Nil

3000 100 Nil Nil

4000 165 75 187

5000 165 75 208

6000 185 75 232

7000 185 75 253

8000 185 75 2739000 185 75 289

10000 185 75 305

12,500 185 75 331

15,000 185 75 366

15,000 + 200 75 Scale Fees

PLEASE NOTE:

1. Initial Court Outlay and Judgment Outlay detail only thosecourt ees which are recoverable rom the debtor, (assum-ing the debtor pays or has sufcient means against whichpayment might be secured). Please note that all other outlaysuch as EJO Searches, Trace Reports, Worth Sue Reports,Bankruptcy Searches etc are not recoverable rom thedebtor and remain the responsibility o the client.

2. Should proceedings be issued in the County Court (i.e. ormore than 3000 but less than 15,000), and Judgment

obtained, the court will award the applicable proessionalees depending on the level o debt/award, plus VAT, plusrecoverable outlay [Initial Court Outlay + Judgment Outlay+ postage]. Should payment be made prior to Judgment,only 50% of these fees will be awarded + VAT together withthe Initial Court Outlay + postage. These are known as 21day costs.

3. Please note that interest on the debt is calculated at therate of 8% p.a. once proceedings are issued.

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Enforcement Procedures Professional Fees(exluding VAT 1

Outlay 2

Notice o Intent to Enorce(Form 1)

30.00 20.00

Discovery Application (Form 6) 50.00 150.00

Full Enorcement Application(Form 3)

50.00 (a sliding scale applies)see below*

Conditional Order 50.00 Agents Fee or Personal Service25-100+ Viaticum

Substituted Service o

Conditional Order

50.00 Viaticum

Attachment o Earnings Order 50.00 Nil

Order Charging Land 150.00 70.00 (Land Registry)13.00 (Registry o Deeds)

PLEASE NOTE:1. Proessional ees are not recoverable and remain the respon-

sibility o the client. The EJO do however award nominal eesor the appropriate procedures, which sum is added to the

total debt to be enorced.

2. Only those items o outlay with an asterix are added to thetotal amount to be recovered.

3. A Viaticum is a sum tendered in respect o travel expenses

(average 15)

Thereater or debts oup to 300, or every1.00 added onto thedebt 30p is added to theenorcement ee. For

Example:

For debts in excess o400 the enorcementee is 109 and rises by12 or every addtional100 or part thereo o

the debt. This applies upto 1000. For example:

For debts in excess o1000 the enorcementee is 218.50 and risesby 8.50 or everyadditional 100 or part

thereo o the debt. Thisapplies to debts o up to3000. For Example:

For debts in excess o3000 the enorcementee is 437.30 and risesby 2.30 or everyadditional 100 or part

thereo o the debt. Thisapplies or debts o up to10000. For Example

Debt Fee Debt Fee Debt Fee Debt Fee

51.00 15.30 400.00 109.00 1,100 218.50 3,100 437.20

52.00 15.60 500.00 121.00 1,200 227.00 3,200 439.60

53.00 15.90 600.00 133.00 1,300 235.50 3.300 441.90

54.00 16.20 1.000 181.00 3,000 380.00 10,000 596.00

300.00 90.00

For debts in excess o 10,000 the enorcement ee is 645.00 plus 1.80 or every additional 100 or part thereo o the Debt.These ees are subject to change.

ENFORCEMENT PROCEDURES

ENFORCEMENT FEESThe Fees payable to the Enorcement o Judgments Ofce or instigating Full Enorcement proceedingsvary with the amount o the Judgment + costs + interest.

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Statutory Demand:

Proessional Fees (exludes VAT) Outlay

40-80

(personal service ee depending on location)

Bankruptcy:

Proessional Fees (excludes VAT) Outlay

Deposit to Ofcial Receiver 415.00 Court Stamp 150.00

Search 20.00

Winding-Up:

Proessional Fees (excludes VAT) Outlay

Deposit to Ofcial Receiver 690.00*

Court Stamp 150.00

Search Fees 10 - 35 Service Fee for Petition 25 - 120.00 (approx)

Advertisement Fee 50 - 80

*Deposit reundable i case withdrawnN.B. Outlay may be increased by the relevant authority

We will gladly provide a fee proposal in each case. Please contact our Debt Department and/oremail [email protected]

INSOLVENCY FEES & OUTLAY

Ins Unless you have a legitimate Interest clausein your Terms & Conditions (properly notifedto the debtor), you can only claim interest atthe statutory rate of 8% p.a. from the date ofInvoice/Agreement.

The Courts have a discretion to pay interestat the statutory rate, provided same has beenproperly included in the court proceedings.

After Judgment, interest will continue at thestatutory rate until payment.

However the Late Payment of CommercialDebts (Interest) Act 1998, applies to thosecontracts or the supply o goods and services,where the purchase and supplier are eachacting in the course o business, and no interestis specifed whereupon the act fxes a rateof statutory interest of 8% over the ofcialdealing rate and provides or compensatorysums dependent on the amount o debt.

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[email protected]

24-38 Gordon Street BelastBT1 2LG

Northern Ireland

Telephone 028 9043 4015Facsimile 028 9043 4016

2 Court Street NewtownardsCo. Down BT 23 7NX

Northern Ireland


74 High Street BangorCo. Down BT 20 5AZ

Northern Ireland


Documents

Worthingtons Solicitors Belfast - Debt Recovery 2012