Debt collection can be contentious, particularly when consumers feel unfairly treated. In England, the Financial Ombudsman Service (FOS) plays a crucial role in resolving disputes between consumers and financial services, including those related to debt collection. Understanding the powers of the FOS in handling debt collection complaints is essential for both debt collection agencies and […]
On 18 March 2024, the UK Regulators Network (UKRN), alongside the Financial Conduct Authority (FCA), Ofcom, Ofgem, and Ofwat, issued a joint statement outlining their shared expectations for debt collection practices by regulated companies. This statement is critical when many consumers face financial difficulties due to ongoing cost-of-living pressures. The aim is to ensure companies […]
Third Party Debt Orders (TPDOs) are a powerful tool for judgment creditors seeking to enforce a judgment by freezing and seizing funds owed to the debtor by a third party. However, utilising this enforcement method requires careful consideration and understanding of the legal processes. Missteps in applying for a TPDO can lead to wasted resources, […]
Introduced in May 2018, the GDPR imposes strict requirements on organisations’ handling of personal data. For debt collection matters, these changes have brought about various compliance challenges and opportunities. This article examines the impact of the GDPR on debt collection practices in England and Wales, focusing on the roles and responsibilities of Controllers and Processors, […]
Proof of debt plays a central role in liquidation, administration, and Part A1 moratoriums, enabling creditors to assert their claims and partake in the distribution of the insolvent estate’s assets. This article delves into the function and importance of proofs of debt, how decisions regarding these proofs can be contested, and the process for foreign […]
In the domain of debt collection, winding up proceedings are a potent tool for creditors seeking to recover debts from insolvent companies. These proceedings, also known as compulsory liquidation, can compel a debtor company to cease operations and liquidate its assets to pay off creditors. While this legal remedy is powerful, it is not without […]
Personal bankruptcy can significantly affect creditors, who often face the loss of expected payments and complex legal processes. This article explores the effects of personal bankruptcy on creditors, from the initial filing to the discharge of debts, offering insights into the processes involved and strategies for creditors to mitigate losses. Understanding Personal Bankruptcy Personal bankruptcy […]
The recent High Court decision in Re a Company [2024] EWHC 1070 (Ch) has significant implications for creditors seeking to enforce foreign judgment debts through winding up petitions in England. The Court’s ruling addressed whether any limitation period under English law could prevent the presentation of such petitions. This article explores the case details, the […]
In business, financial stability can be a fleeting concept. We often encounter clients who are caught off guard by the economic troubles of their business partners or clients. Recognising the signs of financial distress early can prevent significant losses and provide opportunities to address issues before they escalate. Knowing how to identify when a business […]
