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Recent statistics have shown a large increase in both business and individuals with debt problems. There has been a 12 % increase in personal bankruptcies over the past 3 months according to the Insolvency Service with more than 17,000 people being declared Bankrupt in the last quarter. Whilst Bankruptcy is the last resort for most individuals it can also give a fresh start. However, when that individual is also a business or an employer it can mean more problems and stress for others.
Statistics from the Ministry of Justice Statistics Bulletin for the 2nd quarter of 2008 shows a rise of 18% in creditors petitions for the Winding up of Companies compared to the same period in 2007. (http://www.justice.gov.uk/docs/insolvency-bulletin-q2-2008.pdf). The increases are not even through out the UK with some areas seeing a decrease with other areas a massive increase.
What this does mean is that those involved in recovering debt have to be even more vigilant and have access to the right people in the right areas. The importance is obtaining information on the debtor which can be by interview or other enquiries. In the last resort it may mean actually being involved in the process serving of the Statutory Demands, Bankruptcy Petitions, Order to Attend Court (N39/N79) or Company Winding Up petition. Creditors and their collections agents, be they Solicitors or private collections firms, do not take Court action lightly and need to be sure the individual who is meeting the debtor can handle the situation correctly and report back accurately.
This is where a Company like Davis Coleman Ltd can be invaluable. We have trained and well managed offices throughout England & Wales who can offer the expertise needed both on a local level and as the major player on the National stage. We can offer process serving and debtor reporting from our central office in Ongar (0800 310 1922) taking away the worry and searching for a reputable local agent (process server).
Should you be worried about your financial situation Contact the Consumer Credit Counselling Service on 0800 138 1111, National Debtline on 0808 808 4000 or visit a Citizens Advice bureau.
Email us on: head.office@daviscoleman.com Credit Services Association British Franchise Association