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Business > Asset Recovery

If someone you have been doing business with becomes insolvent owing you money, they still have some assets left.   Is there anything you can do at this point to improve your chances of recovering your debt?

Retention of Title

When you have a commercial agreement with another company for the sale of goods, the law says that ownership passes on delivery of the goods – unless you and the purchaser agree otherwise. You can agree with the purchaser that the goods will remain your property until they are paid for. The advantage of this is that you may be able to take the goods back if the purchaser is insolvent.   If your standard terms of business contain a suitable ‘Retention of Title clause’ and, these terms are the ones on which your contract with the purchaser is made, then you have a prospect of getting your goods back. However, this does not work in all cases, particularly where the goods have been sold on or used in the manufacture or construction of other things. 

Completion of enforcement of a judgment

If you have commenced proceedings and have been able to start the enforcement process – such as taking money from the debtor’s bank account or obtaining a charge over its property, sometimes it is possible to complete this even after the insolvency procedures have started.

The administrator or liquidator of a company has powers to pursue directors or other persons who have removed assets belonging to the company or sold them off cheap. If you have information that something of this kind has occurred, you should provide it to the insolvency practitioner involved as soon as possible.

Our solicitors can assist on retention of title clauses and on the recovery of goods if that becomes necessary.  We can also advise you on how to enforce your judgment so as to try to avoid having to stand in the queue with other creditors.

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Lawbridge Grant Saw
Roxby House
20-22 Station Road
Sidcup
Kent DA15 7EJ. 

Email UsTel : 020 8308 3610
Fax : 020 8338 3070

 

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