-
OK, thanks - might suck up the up front costs then. Though I was reading there could be additional (still high-ish costs) if more services are needed, like enforcement etc which made me think just go private in the first place and let them do it all.
Is it effective against companies that are at risk of going into administration? Or ones that are already there? Ones that have little in the way of assets, loads of debt, no cash at the bank etc?
I was an employee at a company that went under years ago and it wasn't fun to watch the freelancers get completely overlooked during the administration process while they tried to flog a few office chairs and what remained of the server equipment the editor hadn't stolen when he got wind of administrators being brought it.
CYOA-
Is it effective against companies that are at risk of going into administration? Or ones that are already there? Ones that have little in the way of assets, loads of debt, no cash at the bank etc?
(ianal)
If there's no money, there's no money. No matter what route you go that won't change. For £10k it's not going to be worth going after the directors either.
No-win/no-fee debt collectors are going to ask/look into their solvency and assets. Their response will give you a guide as to you whether it's worth it.
They may have other tricks to increase their chances of recovery.
One thing you can also look at is a statutory demand and winding up petition. If the debt is uncontested this will ultimately allow you to wind the company up if they don't pay. It's a more aggressive tactic, with fixed time limits and often doesn't require all the back and forth a normal claim would. If they're sloppy and don't respond as prescribed it tends to work in your favour, whereas a regular claim can often be the opposite.
hugo7
From memory the county court judgment upfront cost on 10k is about £450. You can add interest to your claim too.
That service saved my ass on a few occasions and is super simple to file a claim. Literally 5 minutes work.