As the effects of the economic downturn begin to make themselves felt, the Recoveries and Dispute Resolution teams in bto have started to see the results.
There has been a volume of new instructions in cases seeking to recover possession of heritable property, asset and debt recovery, contested commercial litigation and insolvency work.
In the current economic climate, it pays to seek professional assistance at an early stage, whether you are pursuing a debt, or you find yourself in a difficult financial situation. bto’s Recoveries team has a proven track record in the recovery of commercial debt and is active in seeking the appointment of Liquidators and Administrators to struggling companies.
If you are facing financial difficulties, then the best advice is usually to communicate early with creditors. It may be possible to reach an arrangement which keeps you or your business afloat while longer term issues are addressed. Or, if matters cannot be resolved, then we are well positioned to offer realistic advice.
The recent stance taken by the Royal Bank of Scotland in deciding not to pursue mortgage borrowers less than 6 months in arrears is an illustration of the reality that creditors do not usually wish to enforce securities or take legal action. These paths are often seen as a last resort. Their interest is usually to secure the best possible return (even if less than contractually agreed) and a voluntary arrangement will often prove a better, more cost effective solution to all parties concerned.
This scenario endorses bto’s ethos of offering pragmatic, commercially minded advice to our clients. We will ensure that you as a creditor make the best possible recovery in the circumstances; while we will strive to provide debtor clients with sensible, practical advice that they can live with, and act upon. In any event, the key is to seek professional help at the earliest possible stage.
Contact
Alistair Murdoch
(Information posted in December 2008 may not have been updated at time of reading).