Lawyers for Drafting a Petition to Recover Unpaid Debts

Our specialist Draft Petition Solicitors have extensive experience in recovering debt. We have a high success rate in negotiating with debtors, to ensure a full repayment. Our thorough and meticulous approach means that we can help to reach a fast settlement, so that you can focus on other business priorities.

Draft Petitions offer several strategic options, and our forward-thinking team is here to guide you through the process. We strive to protect our clients’ financial interests through providing adept debt recovery strategies.

With our proven track record of delivering effective business solutions, we know the best approach for your specific case. If you are a creditor considering a Draft Petition, get in touch with one of our leading experts today for professional legal advice.

What is a Draft Petition?

A Draft Petition, often referred to as a Draft Winding-Up Petition (Draft-WUP), is a document prepared to recover an unpaid, undisputed debt from a company that has not responded to payment demands.

This petition is not an enforced legal measure but acts as a strong prompt for the debtor to pay, backed by the clear implication that court action may follow if payment is not made within a set period, typically seven days.

This approach is especially valuable when debtors are unresponsive to payment requests. Instead of immediately engaging in a lengthy court process, which can be costly and time-consuming, a Draft Petition signals the severity of the matter and often motivates the debtor to pay in full.

The letter clearly sets out the next steps in the legal recovery process if payment is not received. It is an effective tool, as the threat of liquidation is likely to result in full debt payment.

To maximise the chance of success, it is vital to see legal advice for this process. Our team of experienced Draft Petition Solicitors are here to help you reach a quick, cost-effective resolution.

What should you include in a Draft petition?

Our dedicated experts tailor the contents of the Draft-Winding Up Petition to meet your needs. This includes the following core information:

• Creditor’s details: name and address of your company, and other relevant identifiers, such as company registration numbers.
• Debtor’s details: name and registered address of the debtor company.
• Reasons for winding-up the company, including outstanding debts that have not been paid.
• Details of the debts: this should include the full amount of debt owed, as well as any other documents that may have been issued, such as a Company Statutory Demand.
• Supporting evidence for the petition: this may include invoices, unpaid demands and any correspondence with the debtor.
• Legal action that will be taken if this petition becomes formalised, including a request from the court or appointing a liquidator.
• Costs: include any costs that may be associated with the petition.
• Signature: this should be signed by the creditor or their legal representative.

It should also accompany a letter stating that if the petition is not responded to within the timeframe, this will be formalised and submitted to Court.

What should you consider before sending a Draft Petition?

Before sending the Draft Petition to the debtor, we ensure that the debt meets the following conditions:

• The debt must meet the minimum threshold of £750.
• It must be an undisputed debt. This ensures that the debtor cannot refuse to pay or apply for an injunction if the matter were to advance legally.
• The debtor must be a company, as the process against an individual involves instructing a bankruptcy petition solicitor.

This means that the petition will remain valid if it were to progress to Court. For any queries related to Draft Petitions, our dynamic team can advise on the best course of action based on your specific circumstances.

What are the benefits of using a Draft Petition?

There are several benefits that a Draft Petition offers. The main advantage is that it can save time through reaching a swift repayment. When a debtor receives a Draft Petition, it proves that you, as the creditor, are taking the debt seriously and threatens Court action if left unresolved. It can also offer a cheaper alternative without added legal costs.

Not only this, but a Draft-WUP can serve as evidence that you are taking reasonable steps to recover the debt if the matter is escalated. It also offers you more control over the process, by setting a deadline by which the debt needs to be settled before further action is taken. This results in a faster settlement.

Our specialists have years of experience in producing and serving Draft Petitions. Reach out to one of our solicitors and we can act quickly to reach a resolution.

What happens if the Draft Petition is unsuccessful in recovering debt?

If the Draft Petition doesn’t result in debt repayment, the next step would be to submit a full Winding-Up Petition to legally recover the debt.

However, this is often a last resort.

Draft Petitions offer a more effective and smooth process of recovering debts, with the majority of cases resulting in full debt repayment. Get in touch with one of our Draft-WUP specialists today for tailored and professional advice.

Our SRA-regulated team at Mounteney Solicitors is committed to ensuring a smooth debt recovery process. We offer a fixed fee of £350 + VAT = £420 for composing and submitting the Draft Petition. In many instances, this is also refundable.

You can find out more about our fees here.

If you have any questions or need any further information, don’t hesitate to Contact us.

How long does it take to Draft a Petition?

The time taken for our  work to conclude depends on precisely what it is we are asked to do.  We would expect to have completed an initial draft within a week of taking your instructions.  Special dispatch may be available where necessary at an extra charge.  The debtor will be given 7 days to respond.

Our team of dedicated Draft Petition Solicitors are here to help you reach the best solution, ensuring that debt is recovered swiftly whilst aligning to your business strategy. We appreciate that every case is different, which is why we take time to understand your circumstances and inform you of the right course of action.

Our Commercial Debt Recovery Lawyers specialise in a range of business matters, and our wide-ranging expertise is here to support you in your legal journey.

From our offices in Bramhall, Cheadle, Hazel Grove and Heald Green, we regularly help clients around Greater Manchester, in locations such as Poynton, Altrincham and Alderley Edge.

For legal advice that you can trust, contact our Solicitors in Stockport today, through visiting one of our offices or completing our Call Back Request Form. We are here to help you.