Asset tracing and debt recovery is a complex process requiring invariably an immediate response and always a commercial strategy that minimises legal and financial consequences. Seeking legal advice at an early stage and acting swiftly and decisively is necessary to ensure that assets are secured and realised. Any delay in undertaking such an exercise will likely increase the possibility of assets being concealed, often in different international jurisdictions and thereby making recovery that much more difficult.

At Healys, our asset tracing specialists have the expertise and experience to assist both individual and corporate clients with debt recovery. We use an established network of professionals in multiple disciplines, including forensic accountants, insolvency practitioners and regulatory bodies, and can advise you on both the merits of your case and the most appropriate commercial remedies available to you.

We understand the difficulties that can be faced when recovering debt, particularly in cases involving multiple international jurisdictions.  At Healys we can advise you on the best way forward and what enforcement steps to take.  We offer a bespoke service that is tailored to your needs and commercial goals, and that balances the likely cost of recovery against the impact of outstanding monies not being paid.

Our International Debt Recovery specialists are drawn from the full range of legal teams, allowing us to offer a comprehensive multi-disciplinary and multi-jurisdictional service. We offer sound and commercial advice on tracing and collection procedures and have considerable experience in supporting clients in complex cross-border cases. We act for businesses and private clients in the cost-effective recovery of outstanding debt, and aim to settle most cases quickly and without the need for formal legal action.

Cross-Border Debt Recovery

Healys Debt Recovery team provides a bespoke service tailored to your specific needs.

Our solicitors have significant experience in international debt recovery, including cross-border asset tracing.

We can advise you on relevant legal considerations, and assist you in making an informed commercial decision on the merits and viability of your case, and the best recovery method to employ.

Our team is focused on maximising the probability of success for our clients, and will devise a commercial recovery strategy best suited to your specific circumstances.

Enforcing Foreign Debts in England and Wales

Whether you have a judgment from another country that needs to be enforced against assets in the UK, or you need English proceedings to obtain a judgment on the foreign debt, Healys can assist.  We deal with applications to register foreign judgments to allow enforcement against assets in this country, and have extensive experience of issuing proceedings where that is needed.

If you are unsure what assets the debtor has in the UK, we can undertake investigations that include working with tracing and enquiry agents, undertaking searches with official registries and gazettes, and investigations pursuant to the Insolvency Act 1986.  Where judgment has already been obtained, additional steps can be taken including obtaining orders for the debtor to attend court for questioning.

We apply these findings to determine the course of action most likely to recover the debt. Options can include payment plans, winding up petitions, bankruptcy orders, charging orders and attachment of earnings orders.

We deal with all aspects of the legal process, from advising about recovery options and pre-action correspondence, to issuing proceedings through to enforcement.

Enforcing English Judgments abroad

Whether you need to enforce your judgment in the other UK jurisdictions or elsewhere in the world, Healys can provide access to the resources you need.  Recognition of UK judgments and the enforcement steps available vary between different countries.  Healys uses both its own expertise and our extensive international contacts to ensure that creditors recover the money owed to them, receiving the best advice on the steps most likely to recover the money cost-effectively.

We regularly advise on:

• Pre-legal collection including lettering, telephone debt collection, and trace and collect
• Legal collection including court proceedings, mediation services, enforcement, negotiation and advocacy
• Payment agreements including instalment monitoring, chasing defaults and regular instalment assessments
• Insolvency action including bankruptcy, winding up, advice on debtor’s petitions, Individual Voluntary Agreements (IVAs), Company Voluntary Agreements (CVAs) and post insolvency trustee liaison
• General debt recovery advice including Pre-Action Protocol for Debt Claims compliance, process review, credit control and credit management advice

Asset Tracing

Successful debt recovery is often dependent on effective and comprehensive asset tracing.

Debtors will often attempt to conceal their assets from creditors by moving funds offshore, transferring property titles to different entities, and by utilising trusts, nominal companies and tax havens. In these instances asset tracing will not only help you to establish the worth of a debtor, but will also enable you to make an informed commercial decision regarding the merits of pursuing an outstanding debt, and the viability of making a recovery.

Healys Asset Tracing solicitors have extensive experience in this specialist area. We provide asset tracing services to individuals and corporate clients; in the public and private sectors, and in domestic and international jurisdictions.

Our Asset Tracing team draws upon the wealth of expertise across the full range of Healys legal services, including:

• Banking and Finance
• Corporate
• Commercial
• Dispute Resolution
• Insolvency
• Property
• Trusts
• Private client

Our Services

Healys Debt Recovery practice group covers the full range of asset tracing and recovery services, including pre-legal debt collection, litigation and insolvency action.

Our services include:

• Domestic and international asset tracing
• Contentious insolvency
• Director services
• Funding and debt acquisition
• Judgment enforcement
• Litigation management
• Offshore investigations and insolvency
• Personal insolvency

Work undertaken includes:

• Commercial and consumer contracts
• Invoice debt
• High Court and County Court proceedings
• Winding up and bankruptcy
• Enforcement of charging orders by orders for sale
• Freezing orders
• Cross-border registration and enforcement of judgments
• Directors duties / disqualification proceedings
• Reputational management (including cases with a high level of press interest)
• Tracing claims

Why choose Healys debt recovery services?

• Years of global recovery experience
• Skilled in cross-border asset tracing
• Bespoke Service
• Innovative Legal Solutions
• Commercial Strategies

Fees/ Costs

The likely costs will depend on the value of the claim. Whilst ordinarily we charge on a per hour rate, Healys debt recovery team strive to be as flexible as possible to suit our clients’ needs and we will consider entering into a fixed fee arrangement at the point of issue and enforcement (on bulk issues) or a contingency fee prior to the commencement of proceedings. As a guideline, the following would apply:

1. Generally, our percentage is not less than 1/3 and never more than ½
2. For large claims (i.e. over £30 million) the percentage comes down dramatically i.e. 5 – 15%
3. Fixed fees for initial review of anywhere between £5 to 20k
4. Please note that contingency fee arrangements (where Healys is paid a percentage of the recovery) are only possible pre litigation.  Once litigation is begun such retainers are unlawful so at that stage we would need to move onto a conditional fee agreement i.e. basic rate plus success fee (generally 75 to 100% of costs incurred) paid on success
5. In all cases, we seek to recover costs from the debtor

Our fee includes:

• Taking your instructions and reviewing documentation.
• Undertaking appropriate searches.
• Sending a letter of claim.
• Receiving payment and sending on to you, or if the debt is not paid, drafting and issuing claim.
• Where no Acknowledgement of Service or Defence is received, applying to the court to enter judgment in default.
• If the debt has not been collected within a reasonable period (not less than 30 days), we will provide you with advice on next steps and likely costs.

If you are owed a debt and need legal assistance in asset tracing and debt recovery, please don’t hesitate to contact our team of expert solicitors today.