Debt Recovery Solicitors & Asset Tracing Lawyers

Recovering a debt owed to you:

The strategy for debt recovery will depend on whether the debt in question is disputed or not. This will affect not only the strategy, but also how much we charge you. 

For recovery of an undisputed debt for a value under £100,000, we charge in the region of £2,500.00 - £15,000.00 plus VAT (excluding enforcement and any post-judgment work, e.g., winding up or bankruptcy). Disputed debts will usually incur more costs as there is a disagreement between the parties.

For undisputed debts, we will first send a final demand letter, if that does not result in payment, the next step is likely to be to serve a statutory demand on the debtor. We will usually instruct a process server to personally serve the statutory demand on the debtor. Typically, process server fees will be in the region of £80.00 - £100.00 plus VAT.

Depending on the value, and complexity of the debt (and whether it is disputed or not) as well as the location of the debtor, there may be times we consider it appropriate to instruct counsel on your behalf (with your approval) to assist with tasks such as drafting pleadings and attending Court. We set out below the estimated costs associated with most debt recovery matters.

Rates:

The hourly rates of our team (subject to change):

Partner: £350.00 - £550.00 (plus VAT)

Senior Associate: £290.00 - £450.00 (plus VAT)

Junior Associate: £250.00 (plus VAT)

Second Year trainee: £200.00 (plus VAT)

First Year Trainee: £180.00 (plus VAT)

Paralegal: £165.00 (plus VAT)

The standard scope of works included within our fee are as follows:

Taking your instructions and reviewing documentation. For ease, we will send you a form to complete so you can provide us with all the details regarding the debt owed to you.

The steps are as follows:

• Undertaking appropriate asset searches
• Sending a letter before action
• Issuing a statutory demand (if the debt is undisputed)
• Receiving payment and sending the same to you, or if the debt is not paid, drafting and issuing the claim
• Where no acknowledgement of service or defence is received, applying to the court to enter a Judgement in Default

If the debt has not been collected within a reasonable time period (not less than 30 days), we will provide you with advice as to the next steps and the likely costs. Each debt collection matter is unique, and we will advise you with a bespoke strategy which will realise the debt owed to you in a swift and cost-effective manner.

Disbursements

Please see below a non-exhaustive list of the disbursements you may need to pay to recover a debt: 

• Process server fees 
• Asset search fees
• Photocopying fees 
• Counsel’s fees
• Court fees

What is asset tracing and how does it differ from debt recovery?

Asset tracing involves identifying and locating assets that you are entitled to, which may have been hidden or misappropriated. On the other hand, debt recovery focuses on recouping outstanding debts from individuals or businesses. While both aim to recover what is rightfully yours, the methods and legal procedures involved can vary significantly.

Why would you need a solicitor for asset tracing and recovery?

A solicitor can guide you through the intricate legal landscape, helping you understand your rights and the best course of action. From issuing freezing orders to initiating court proceedings, we have the relevant expertise to guide and advise you on the best course of action, which is crucial in successfully recovering your assets.

Understanding the process of asset tracing

The process of asset tracing involves gathering information, investigating financial records, and employing various techniques to uncover hidden assets. KaurMaxwell’s solicitors specialising in asset tracing have extensive experience in identifying complex ownership structures, offshore accounts, and other methods individuals use to conceal their assets.

Common methods used in asset recovery

KaurMaxwell’s asset recovery solicitors employ various methods and legal tools to trace and recover assets. Some commonly used methods include:

Freezing orders and their significance in recovering assets

A freezing order is a legal tool that prevents a debtor from disposing of or dissipating their assets. It effectively freezes the assets, ensuring that they are available for potential recovery. We can apply for freezing orders from the court, increasing the chances of successful recovery. 

The role of disclosure orders in asset tracing and recovery

Disclosure orders require debtors to provide information about their assets, income, and financial transactions. Our solicitors have experience in obtaining disclosure orders to uncover hidden assets, facilitating the recovery process.

Dispute resolution techniques for asset recovery

The strategy and techniques deployed in asset recovery is crucial in obtaining the best result for our clients. Our asset recovery solicitors employ various dispute resolution techniques, such as mediation or negotiation, to settle disputes and facilitate the recovery process. These techniques can save time and costs compared to fully litigated proceedings. Ultimately, we will act in your best interests to ensure maximum gain.

Legal considerations in asset tracing and recovery

Asset tracing and recovery involve several legal considerations that solicitors must navigate. Some key legal considerations include:

Understanding jurisdictional issues in asset recovery

Asset recovery cases often involve international jurisdictions, making it crucial to understand the legal frameworks and procedures of each jurisdiction. Our solicitors have cross-border experience and networks, which can effectively navigate these complexities.

The importance of civil litigation in recovering assets

Civil litigation plays a vital role in asset recovery cases. Our team of solicitors can initiate legal proceedings, such as suing debtors for outstanding debts, obtaining court orders, and enforcing judgments, to facilitate the recovery of assets.

How to deal with debtors during the asset recovery process

Dealing with debtors during the asset recovery process requires tact and strategic thinking. Our solicitors can handle all communication and negotiations with debtors, ensuring that you can maintain a productive relationship while pursuing the recovery of your assets.

Asset tracing and recovery in England and Wales

Asset tracing and recovery in England and Wales are governed by specific legal frameworks. Solicitors specialising in asset recovery in these jurisdictions have in-depth knowledge of the relevant laws and regulations, ensuring an effective recovery process.

The legal framework for asset recovery in England and Wales

In England and Wales, asset recovery is primarily governed by the Civil Procedure Rules and the Insolvency Act. Our solicitors are experts in these frameworks and efficiently navigate the legal processes and requirements involved in asset recovery cases.

Search and seize operations in asset tracing

We have the necessary experience and know-how to conduct successful search and seize operations with the authorisation of the court to gather evidence and locate hidden assets. These operations are crucial in building a robust case for asset recovery.

Asset recovery for fraud cases

Asset recovery in fraud cases poses unique challenges due to the deliberate actions of deceitful individuals. Our solicitors specialising in fraud and asset recovery have the expertise to tackle these challenges effectively.

Challenges in tracing and recovering assets in fraud cases

Tracing and recovering assets in fraud cases can be complex due to various factors, such as offshore accounts, third-party involvement, and deliberate concealment. We have experience in fraud cases and are able to employ specialised techniques gained over years of experience to overcome these challenges.

Effective strategies for asset recovery in fraud cases

Our team of asset recovery solicitors develop effective strategies tailored to fraud cases. These strategies may include initiating civil fraud claims, obtaining freezing orders and seizure operations.

How can our debt recovery & asset tracing team assist you?

Our trusted civil fraud and asset recovery solicitors can assist with a wide range of legal strategies to prevent and remedy the misappropriation of assets, including:

1. Freezing orders, also referred to as freezing injunctions
2. Search orders
3. Disclosure orders
4. Travel restraint orders
5. Cross-examination orders
6. Civil arrest warrants
7. International asset tracing and recovery
8. Civil conspiracy

5 Reasons to Choose KaurMaxwell for Asset Tracing and Debt Recovery:

1. Diverse & Comprehensive Expertise: The team at KaurMaxwell brings together diverse expertise in areas such as civil and commercial litigation, property law, employment law, insolvency and restructuring law. This multifaceted approach, demonstrated by professionals like Zara Aziz and Kenneth Anom, ensures that clients receive well-rounded legal support.
2. Proven Track Record: Team members like Mandeep Kaur Virdee, , have successfully led complex and international cases against major law firms. Their strategic thinking and ability to achieve desired results demonstrate a proven track record of success.
3. Client-Centric Approach: We believe in putting our clients' needs first. Our team takes the time to understand your unique situation, providing tailored solutions that align with your goals. We're here to support you every step of the way.
4. Global Perspective: With team members like Maria Madara, who has international experience and education from renowned institutions like Stanford, KaurMaxwell offers a global perspective that can be valuable in complex asset tracing & debt recovery matters.
5. Accessibility: Based in London, our debt recovery and asset tracing solicitors are easily accessible to clients across the UK. We're here to assist you, whether in person, over the phone, or through virtual consultations.

Frequently Asked Questions

What types of fraud cases can a Debt Recovery Solicitor handle?

A Debt Recovery Solicitor can handle various types of fraud cases, including commercial fraud, civil fraud claims, offshore fraud, and criminal fraud.

What is a freezing order and how can it help in asset recovery?

A freezing order is a legal injunction that prevents a debtor from disposing of their assets. This ensures that the assets remain available for recovery as the legal process unfolds.

How do disclosure orders work in asset tracing?

A disclosure order requires the debtor to provide detailed information about their assets. This is a crucial step in the asset tracing process as it helps identify what assets are available for recovery.

What is the pre-action protocol for debt claims?

The pre-action protocol outlines the steps that should be taken before commencing formal legal proceedings for debt recovery. This includes sending a letter before action and attempting to resolve the matter through negotiation or alternative dispute resolution methods.

What is the role of a trust in debt recovery cases?

A trust is a legal arrangement where assets are held by one party for the benefit of another. In debt recovery cases, trusts can be used to protect assets from being seized or recovered.

Can a Debt Recovery Solicitor assist individuals and businesses accused of fraud?

Yes, a Debt Recovery Solicitor can provide legal assistance and representation to individuals and businesses who have been accused of fraud. They can help protect their rights and reputation.