Dealing with debts and debtors becomes a massive task for business owners. Often the circumstances become unfavourable where the debtor is incapable of making the payment towards the debt and this affects your businesses cash flow. The quickest way to collect your debt is to seek help from a debt collection agency.
Shergroup is one of the most recognised and trustworthy debt collection specialist agencies in the UK. For a business owner, it can sometimes be difficult to know what to do in such situations. However, with a Shergroup’s debt collection you can find out how to recover your debt with asset collection and investigation services.
A company can make use of the asset tracing and litigation product any time before, after or during the litigation process. Using this service makes it convenient for the creditor to dig deep into the debtor’s assets to see if they can afford to pay the resulting judgment and associated costs.
What are traceable assets?
Assets are the valuables owned by a business or an individual. These can be anything from real estate, stocks, shares, possessions, undeclared bank accounts, intellectual property rights, company assets (e.g., property, plant, and equipment, vehicles, livestock, yachts and, of course, money). If you’re in the UK, you need to first check if the assets exist and can be traced. Otherwise, you will be bearing heavy legal fees and unnecessary litigation costs. Asset tracing is simply the tracing and identification of the property or valuables that clients want to recover through the courts or by negotiated settlement.
The asset tracking process is a series of complex protocols that require professional backing. To identify and procure stolen assets it takes skill, judgment, and legal intelligence on the part of the legal professional dealing with the matter. The procedure is divided into three distinct phases: pre-investigation, judicial, and recovery.
Phase 1- Identify the assets
This falls in the pre-investigation phase when the asset trace is instructed. This phase comprises gathering all possible information on the target potential assets, like their value, location, and their registered ownership status. The process shifts to the Investigative phase after the properties have been found in the Pre-Investigation phase.
Phase 2- Secure
The Judicial phase comprises trial and subsequent issuance of a judgment against the individuals listed in the Investigation process. To recover the assets from the jurisdiction where they were discovered, the judicial authorities of the requesting jurisdiction must work closely with their counterparts to ensure that the proper steps are taken.
If the properties and their provenance have been found, it’s time to protect and restrict them to prevent them from being dissipated, removed, or, in some cases, destroyed.
To secure the seizure of the identified assets, the instructing client, which is often a law firm, must obtain judicial authorization. A temporary injunction blocks a party’s properties until the Court’s further order or final resolution.
To secure the seizure of the identified assets, the instructing client, which is often a law firm, must obtain judicial authorization, such as a Mareva injunction, a temporary injunction blocks a party’s properties until the court’s further order or final resolution.
During the pendency of a suit, the so-called Mareva injunction, established by English courts, forbids a defendant from moving assets outside of the United Kingdom or otherwise interfering with their assets (other than in the ordinary course of business and for the payment of proper expenses).
Mareva injunctions were initially limited to properties within the United Kingdom, but they have since been expanded to include assets in many other jurisdictions, including offshore tax “havens.”
Phase 3- Recovery
And finally, the recovery phase is where the asset is returned to the rightful owner. When a court orders the arrest, confiscation, or restriction of properties, action must be taken to execute the order. A request must also be made if properties are found in a foreign jurisdiction.
If you’ve been a victim of fraud, calculating the damage, finding the offenders, and devising a recovery plan are all critical. Criminals can now move money around the world and hide behind complicated offshore corporate structures thanks to technological advancements.
You might have a court judgment for a money claim but if your debtor has no assets that you could recover to pay off the debt you will have to bear the costs of your legal advisors and the loss of the value of the judgment. This is where our Asset Trace Report will help you save on the expensive litigation costs. This report will confirm what assets your debtor has.
Once a judgment has been secured, an Asset Trace Report will reveal the most effective enforcement techniques for recovering a judgment debt, costs, interest, and enforcement fees.
As enforcement professionals, we believe that a Writ of Control is an excellent tool to pursue a Judgment Debt, especially in high-value claims, since as High Court Enforcement Officers, we may search for things that can be secured and eventually sold to settle the debt.
A Writ of Control secures a judgment over commodities and can be used in conjunction with a Charging Order over a house or other land and structures. In a comprehensive dig into a person’s assets, bank accounts, director salaries, and stock portfolios can all be emphasised.
The report will also examine corporate assets and affiliations, as well as hidden assets and assets linked to persons and corporate entities. Any successful party’s enforcement strategy will include an Asset Trace Report, and we can assist with all applicable enforcement techniques through our sister legal company, Shergroup Legal.
Shergroup understands the difference between intelligence and evidence required for use in a Court of Law. We have extensive knowledge of the legal system, enforcement regimes and cultural practices within the jurisdictions that we most commonly operate. Having conducted extensive multi-jurisdictional and cross border complex investigations, we are experts at assisting with commercial and high-end litigation. We deliver reliable and actionable intelligence for lawyers, financial firms, corporate clients, third party funders and HNW individuals worldwide. We operate internationally and have exceptional capabilities in the UK and other offshore banking jurisdictions in Europe.
Funds can be anywhere. Our experienced team helps you find and collect – from asset-tracing and freezing injunctions to judgment enforcement and recovery. So, if you need our services, go to our product page, and fill in the details and make the payment or contact us if you may have any queries.
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