Non-UK domiciled individuals are likely to face an increase in Inheritance Tax (IHT) on their UK estates if they have borrowings secured against UK property. more…
The Spanish Government has recently passed the Rehabilitation, Regeneration and Urban Renewal Act. Within this policy of housing support and rehabilitation, and in compliance with EU Law, the Spanish Government has also passed a Decree to incorporate into Spanish Law … more…
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Even before the worldwide credit crunch hit, certain companies played the game of trying to get something for nothing. In the market place today many are now hiding behind this financial turmoil with the hope that overseas suppliers just give up chasing them for payment because the process for recovery is just too expensive and complicated.
“This is just not the case; many suppliers have multiple legal options open to them as long as they research what can realistically be achieved!”
Luigi Bernardis – Kobalt Law LLP
Mr Bernardis explains that he often deals with clients who have debtors owing anywhere between £5k and £2 million. He recently settled a case for a Italian freight company who believed they had no chance of recovering a debt from an English company that would not return calls, letters or emails, ‘it was as if the company had just disappeared’ the client explained.
Mr Bernardis gave an initial consultation to the client over the telephone and by email providing all possible outcomes on how this case could unfold whether positive or negative. Now with a clearer understanding the client could decide upon whether to proceed in recovering their owed funds or write the debt off.
The client decided to proceed to recover the money owed to them. Initially Mr Bernardis attempted to get an immediate settlement without having to go through the courts by sending out a claim letter to the debtor. However, after 21 days no reply was received and therefore he was subsequently instructed by the client to initiate the litigation process.
The correct documentation was filed and the court served the debtor with the full particulars of the claim. Yet still no response was received and after 14 days an application for a judgment against the debtor was lodged for the full amount initially owed, plus interest and costs.
The court then entered a judgement against the debtor and Mr Bernardis initiated the enforcement process to recover the debt. At this point the debtor finally made contact with Mr Bernardis to settle the judgment debt immediately and in full. Whilst the debt was outstanding for some time, it took Mr Bernardis just a few short months to reclaim the full amount owed to his client.
There are many firms today considering writing off debts owed by English companies. If you are one of those consider your options fully and contact a lawyer like Mr Bernardis to clarify all the routes open to you. It may well be that instead of throwing good money after bad you write off the debt, there again why should you miss out on what is rightfully yours.
Non-UK domiciled individuals are likely to face an increase in Inheritance Tax (IHT) on their UK estates if they have borrowings secured against UK property. more…
The Spanish Government has recently passed the Rehabilitation, Regeneration and Urban Renewal Act. Within this policy of housing support and rehabilitation, and in compliance with EU Law, the Spanish Government has also passed a Decree to incorporate into Spanish Law … more…
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For some years QROPS [Qualifying Recognised Overseas Pension Scheme – an overseas pension scheme into which UK pension rights can be transferred and recognised], have been on the scene for internationally mobile clients. more…
India is all about majestic snowcapped mountains, the lush rolling valleys, the gushing rivers, green fields, gorgeous colorful flowers and luscious fruits, the arid deserts, the plateaus, the hills, the tea gardens , the orchards, the waterfalls,lovely beaches, software hub, … more…
