• How Long Will it Take to Recover Your Money?

Timing is crucial in successful recovery of a bad debt. The longer you leave it the more difficult it usually becomes. Monies left owing for longer than 90 days are often very difficult to get paid but not impossible.

These older debts are often “written off” by both individuals and businesses because they are too hard. However a third party is often successful in having this money paid when all seems lost by being able to show the debtor that you are serious.

We can issue a letter of demand within 24 hours of receipt of your instructions, giving the debtor up to 14 days to pay or make appropriate arrangements.

If you instruct us to send a follow up reminder letter, it is also sent within 24 hours of your instructions.

In the event that payment has still not been received then a Statement of Claim will be drafted within 48 hours of receipt of your instructions and payment of the Court’s filing fee.

We have compiled an overview of timing for each type of recovery below:

Action Estimated time after 28 days from service of Statement of Claim
Filing Judgment and obtaining Certificate of Judgment from Court 1 – 2 Weeks
Obtaining Writ for levy of Property or Garnishee of wages, salary or bank account 2 – 4 Weeks
Preparation and Filing of Bankruptcy Notice and return from ITSA 1 – 2 Weeks
Service of Bankruptcy Notice 2 weeks to 3 months (this depends on the ease of service of notice or whether an Order for Substituted Service is required)
Preparation and filing of Creditor’s Petition until date of hearing of Petition 2 – 3 months
Trustee enquiries on appointment 3 months
Sale of Property 4 – 5 months

Winding up a company after time for defence lapses:

Action Estimated time after 28 days from service of Statement of Claim
Filing Judgement and obtaining Certificate of Judgment from Court 1 – 2 Weeks
Preparation and Service of Creditor’s Statutory Demand for Payment 1 week
Period where debtor may pay Demand 3 weeks (statutory)
Preparation and Filing of Winding up application to hearing 6 weeks
Liquidator Appointed and enquiries made 3 months
Sale of Property 4 – 5 months

 

Have further questions or enquiries? Get in touch today.

Contact Us

Have further questions or enquiries? Get in touch today.

Contact Us
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