How To Recover More Than £750
|Business : Payments|
If you are owed more than £750 and the company you are dealing with is refusing to pay that sum or you are having difficulty getting your money, then you can try the following to get the money back.
What you do is issue a notice under section 122F of the insolvenct act (1986).
This can be used against sole traders and partnerships as well as a standard limited company.
Whilst this may sound a bit drastic the implications are as follows: if they don't pay the debt within seven days, then you can actually issue proceedings that will close down the business of the person who owes the debt!
Questions about debt collection: