Charging Orders Solicitors Liverpool
If a debtor owns property/securities, then obtaining a Charging Order and taking steps to enforce it can prove a very successful way of securing and recovering outstanding debt. At Three Graces Legal, we understand the impact that unpaid debts can have on you and your business – disrupting cash flow and performance.
Our team of specialist debt recovery solicitors have the knowledge and experience to help you recover money that is owed to you. We provide a dynamic and flexible service, tailored to meet the needs of your business or project. Get in touch with a member of the team today. Call us on 0151 659 1070 or complete our online enquiry form.
What is a charging order?
A charging order is an order obtained from the Court which grants a creditor a 'charge' over their debtor's property or other assets, giving the creditor a beneficial interest in the charged asset. In practice, this means that if the debt remains unpaid when the property and/or other assets are sold, a creditor with the benefit of a charging order over them will be able to recover the debt from the proceeds of this sale, taking precedence over any other unsecured creditors the debtor may have.
It is important to note that a charging order does not produce repayment in itself.
This is because it only entitles the beneficiary to recover the debt from the proceeds of sale if the asset is sold. However, once a charging order has been obtained, a creditor can apply to the Court to force the sale of the relevant assets, therefore recovering the debt.
When is a charging order useful?
A charging order can be a useful means of recovering money, as many debtors, whether individuals or businesses, are unlikely to be in a financial position to pay off a debt without selling some of their assets. As most debtors will be very unwilling to do this, a charging order is a helpful first step in ensuring that this takes place and the money you or your business are owed is recovered.
A charging order is not a 'standalone' way to recover debt, and can only be used following court proceedings in which you have been successful. If you do not have a court order against your debtor, contact our debt recovery team today to discuss other options you might have for recovering the money you are owed.
Contact our Debt Recovery Solicitors today
Our specialist debt recovery lawyers can help you to explore your options for recovering debt owed to you. We pride ourselves on giving straightforward and easy to understand advice, helping you to make the best decision for yourself and/or your business. Call us today on 0151 659 1070 or via our online contact form and we will get back to you without delay.
