Someone owes me money…..what are my options?


At MTB we specialise in debt recovery and insolvency matters and so it was of particular interest to us, and our clients, that the monetary threshold required to seek a bankruptcy order has risen from £750 to £5,000. Many, including us, felt that the limit needed to change given that it remained static at £750 since 1989. The increased bankruptcy limit will surely lead to a less congested bankruptcy list but will also limit the options available to creditors when pursuing sums of less than £5,000.

If you are owed money the route you take will often depend on the size of the debt. The financial limits are as follows:

Small Claims proceedings – for debts less than £3,000

County Court proceedings –  for debts of £3,000 – £30,000

High Court proceedings – for debts above £30,000

Bankruptcy – for debts more than £5,000

If the debtor is a mark for judgment, and judgment is obtained, that judgment can be enforced through the Enforcement of Judgments Office (“the EJO”). The EJO is responsible for the enforcement of court judgments relating to money, goods and property and has the power to issue orders such as an Order Charging Land, an Attachment of Earnings order, an Instalment Order etc.

The course of action you decide to take will often depend upon the circumstances of the debtor. We can assist in finding out the relevant information by carrying out various searches. Please contact our specialist debt recovery department to set up an appointment and we will explain the options available to you to enable you to make an informed decision.