9 months ago

Momentum Brochure

Momentum Legal Undefended Action Once a claim has been initiated, the debtor has a strict time limit within which to acknowledge the claim and file a defence. Where a defence is not filed at Court, Judgment will be entered 'in default'. Admission If the debtor accepts their liability to pay, they will confirm this to the court by filing an Admission form at Court along with their payment proposals. Upon receiving the notification of admission, we will discuss the next step with you and discuss whether to accept or reject the debtor's proposal. On the basis of your further intructions at this stage, we will respond to the court with a view to obtaining a County Court Judgment against your debtor. Defended Action If the Debtor files a defence disputing the claim made, then your file will be passed to one of the solicitors at Momentum Legal who specialise in litigation. They will explain the full court process to you so you are fully aware of what to expect from the outset and advise you as to the best course of action. Enforcement Whether it is due to an admission being filed, or we have obtained judgment in default on your behalf, the debtor will be subject to a County Court Judgment. The Court will issue Momentum Legal with a copy of the Court Order and upon receipt, we will write to the debtor and request a full settlement or proposals for payment within 7 days. If we do not receive instructions, we will immediatley be in touch with you to discuss the commencement of Enforcement Proceedings. Our exprienced team will advise you as to the most effective method of enforcement for your case from one of the following: High Court Enforcement Officer Court Bailiffs (Warrant of Execution) Third Party Debt Order Charging Order Attachment of Earnings Order Statutory Demand for Insolvency Order for Questioning

Momentum Legal Statutory Demand A statutory demand is a formal (and in effect a final) demand for payment of a debt in full. Ideally, it should be served personally on the debtor who then has 18 days to apply to the court to have the demand set aside. If the debtor fails to do so - a bankruptcy petition can be presented. Bankruptcy Bankruptcy orders can be made against debtors who are individuals and who owe more than £750.00. Thisapplies to sole tarders and partners in a partnership. The first step in the process is to serve the debtor with the statutory demand. If a debtor is subsequently declared bankrupt, then the "Official Receiver" or "Trustee in Bankruptcy" will investigate the debtor's finances, realise any assets and distribute the proceeds to the creditors. Momentum Legal will carry out a search at the outset to find out if the debtor is already subject to a bankruptcy order. Winding Up Petition Where the debtor is a company, the equivalent of a bankruptcy order is a Winding Up Order. As with bankruptcy, the first step is to serve the company with a statutory demand which may be followed by a Winding Up Order against the company. Once the Winding Up Petition has been served, the court will set a date to hear the petition and determine whether to make a Winding Up Order against teh company. The creditor is required to advertise the petition in the London Gazette or at no sooner than seven business days after the petition was served and no later than seven business days before the winding up hearing. The advertisement must show the date of the petition hearing and the name and address of the creditor, inviting orthers to support or oppose the petition should they wish. In most cases, the Official Receiver will be appointedas Liquidator of the company on the making of a Winding Up Order. One of the duties of the Official Receiver is to collect and realise all the company's assets in order to pay all creditors. Bankruptcy/Winding Up options can be discussed with our litigation team should you wish to consider this route.

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