Equity , Loan & Debt - Corporate Problem

Equity -

1. The state, quality, or ideal of being just, impartial, and fair.
2. Something that is just, impartial, and fair.
3. Law
   1. Justice applied in circumstances covered by law yet influenced by principles of ethics and fairness.
   2. A system of jurisprudence supplementing and serving to modify the rigor of common law.
   3. An equitable right or claim.
   4. Equity of redemption.
4. The residual value of a business or property beyond any mortgage thereon and liability therein.
5. 1. The market value of securities less any debt incurred.
   2. Common stock and preferred stock.
6. Funds provided to a business by the sale of stock

Loan -

1. 1. Something lent for temporary use.
   2. A sum of money lent at interest.
2. An act of lending; a grant for temporary use: asked for the loan of a garden hose.
3. A temporary transfer to a duty or place away from a regular job: an efficiency expert on loan from the main office.

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Debt -

1. Something owed, such as money, goods, or services.
2. 1. An obligation or liability to pay or render something to someone else.
   2. The condition of owing: a young family always in debt.
3. An offense requiring forgiveness or reparation; a trespass

Costs of Fixed Fee Corporate Debt Recovery

We want you to fully understand the costs associated with your debt recovery.

In this section you can find out how much you will need to pay, and how much of that you should be able to reclaim. For clarity, the information on costs is divided into four areas:

Fixed Fees - Our simple fixed fee debt recovery service means you know exactly how much you will be charged for each service.

Court Fees - There are additional court fees for starting your claim, and enforcing your claim, but we will not incur these without your permission.

Recovering your costs - You are entitled to reclaim a proportion of the costs you pay us.

Additional costs - The court has wide discretion over the recovery of additional costs, but we will advise you on a case-by-case basis.

Debt Recovery Enforcement

After Judgment is obtained, if payment is not received, we will advise you about enforcement which may include:-

1. Applying for an examination of means of the debtor
2. Obtaining an Attachment of Earnings Order
3. Obtaining a Third Party Debt Order (i.e. money owed to the debtor by someone else which may include his Bank Account)
4. Obtaining a Charging Order against the debtor’s assets including his home.
5. If appropriate we will advise you about serving a Statutory Demand for individual bankruptcy or the procedure for the winding-up of a company (details will be provided on request).

Case Studies

To help in giving you a better understanding of how the debt recovery process works, we have detailed two case studies outlining potential scenarios. These will show you a clear breakdown of how the debt recovery claim costs are calculated, and the potential money that could be reclaimed from your bad debt. The Pengillys Midas Corporate Debt Recovery service encompasses many different processes and areas. At Pengillys we can deal with everything from the initial debt recovery process, including sending a Letter of Claim right through to court representation for defended actions, and enforcing recovery of your bad debt.

Letter of Claim

If your invoices are not being paid, use our commercial debt collection services to recover your bad debt.

The Letter of Claim is the first step in our business debt recovery service to chase payment, and recover your bad debt. This service costs only £50.00 (+VAT) and can be started immediately by using our Letter of Claim Form.

Letter of Claim case study

This case study shows the sequence of events and costs involved if a debt is settled after sending a Letter of Claim.

A small business was approached to supply to a local event.

The order was fulfilled and an invoice was sent totaling £1000.00.

After failing to receive payment and exhausting all avenues of communication, the owner decides to seek further assistance, and involves the Pengillys Midas Corporate Debt Recovery Service.

Pengillys assign their debt recovery team, and start the process of transforming the bad debt back into real cash. A Letter of Claim is drafted and sent to the debtor, which leads to the debtor paying in full.

Example amount recovered after Letter Of Claim

Debt due to you:	£1000.00
Less: our costs:	£50.00
Less: VAT	£8.75
Net benefit to you:	£941.25

In the event the Letter of Claim does not lead to payment, a court summons may be issued, as highlighted in the next case study.

All situations are hypothetical.

Court Summons

This case study shows the sequence of events and costs involved if a debtor does not comply with a Letter of Claim.

After introducing the Pengillys Midas Corporate Debt Recovery service, a Letter of Claim is sent to the debtor. The client is owed £1000.00 and so far has failed in reclaiming the bad debt.

Payment is still not received even after the debtor has received the Letter of Claim.

Pengillys Midas Corporate Debt Recovery team issue a Court Summons and obtain a Judgment on your behalf, resulting in payment.

Example amount recovered after Court Summons

Debt due to you:	£1000.00
Add: recoverable costs:	£70.00
Less: our costs:	£100.00
Less: VAT	£17.50
Net benefit to you:	£952.50

Note: the above figures do not take into account interest, which you are entitled to claim