If your debtor refuses to comply with a Judgment or Order of the Court then there are a number of options available for you to enforce this against them. More than one method can be used at the same time.
This can link a debt to land, property or securities owned by the debtor. It prevents the debtor from selling or disposing of these without using the proceeds to pay off the debt. This order is normally best for large debts. For smaller debts it is likely to be refused as it is may be considered to be “oppressive”, in other words the debt is too small to justify this kind of remedy.
A Charging Order can be useful in the situation where the debtor has agreed to pay by instalments as it can ensure the rest of the debt is secure in the meantime. Even if the debtor becomes bankrupt or goes into liquidation the Order is still valid provided it was made before the start of the bankruptcy or winding up.
This does not provide an immediate remedy as you will not receive payment until the property is sold. It is possible for you to ask the Court to make an order for sale forcing the debtor to sell the property however this would be a last resort and is a step the Court would not take lightly.
If you are owed money by debtors and need help in claiming the money that is rightfully yours, then give us a call on 01604 828282 or fill out our online contact form. Our experienced debt recovery team are here to help.
