Margaret Evans, Head of Corporate Law discusses finding a buyer in the part 5 of The Selling Process Series.
These costs apply where your claim is in relation to an unpaid invoice which is not disputed and enforcement action is not needed. If the other party disputes your claim at any point, we will discuss any further work required and provide you with revised advice about costs if necessary, which could be on a fixed fee (e.g. if a one off letter is required), or an hourly rate if more extensive work is needed.
Our fees will vary depending on the value of your claim, as follows:
|Debt Value||Our Fees||VAT @ 20%|
|Up to £5,000||£200.00||£40.00|
|£5,001 - £10,000||£500.00||£100.00|
|£10,001 - £100,000||0.9% of the value of the claim||20%|
In addition to our fees, you will also need to pay the Court fee, as set out below:
|Value of your claim||Court issued claim||Filed via SDT/MCOL*|
|Up to £300||£35||£25|
|£301 - £500||£50||£35|
|£501 - £1,000||£70||£60|
|£1,001 - £1,501||£80||£70|
|£1,501 - £3,000||£115||£105|
|£3,001 - £5000||£205||£185|
|£5,001 - £10,000||£455||£410|
|£10,001 - £15,000||%5 of the value of the claim||4.5% of the value of the claim|
|£15,001 - £50,000|
|£50,001 - £100,000|
|£100.001 - £150,000||N/A|
|£150,001 - £200,000||N/A|
Anyone wishing to proceed with a claim should note that:
- The VAT element of our fee cannot be reclaimed from your debtor if you are VAT registered but should be set off in your VAT return.
- Interest and compensation may take the debt into a higher banding, with a higher cost.
- The costs quoted above are not for matters where enforcement action, such as the bailiff, is needed to collect your debt.
Our fee includes:
- Taking your instructions and reviewing documentation
- Undertaking Companies House searches to identify an address
- Sending a letter before action in the post
- Receiving payment and sending onto you, or if the debt is not paid, drafting and issuing claim
- Where no Acknowledgement of Service or Defence is received in the relevant time limits, applying to the court to enter Judgment in default
- When Judgment in default in received, write to the other side to request payment
- If payment is not received within 14 days, providing you with advice on next steps and likely costs
Matters usually take 2-12 weeks from receipt of instructions from you to receipt of payment from the other side, depending on whether or not it is necessary to issue a claim. This is on the basis that the other side pays promptly on receipt of Judgment in default. If enforcement action is needed or you wish us to take enforcement action as soon as judgment has been obtained, the matter will take longer to resolve.
Your matter will be dealt with by one of our specialist solicitors, Stephen Poyner or John King, both with over 20 years' experience each.