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Answering the most frequently asked questions about debt collection
Below, we’ve collated a list of some of the most frequently asked questions regarding B2B debt collection, as well as links to blogs where you can find out even more.
If you have a question that isn’t answered here, click here to submit your own.
When a debtor has no current address, it's crucial not to write off the debt immediately. Instead, consider seeking professional help from a debt collection agency (DCA) experienced in debtor tracing.
DCAs can use various methods, such as searching electoral rolls, financial data, and online platforms.
If the initial trace is unsuccessful, additional avenues like SMS messages, phone calls, emails, and research through online directories and social media can be explored.
In extreme cases, legal proceedings can be initiated by serving documents at the debtor's last known address.
For overseas debtors, a reputable debt collection agency with international partnerships can navigate the complexities and conduct effective tracing activities.
Read more on this topic in our blog: https://www.redwoodcollections.com/blog/how-do-you-chase-a-debtor-when-they-have-no-current-address
You can search the government's free Companies House register or the London Gazette if you’re looking for an insolvent or bankrupt company. These websites offer free information on a company's insolvency status, including filing of insolvency-related documents. Examining the company's financial statements and notices on these platforms can provide insights into its financial health.
Read more about ways to find out if a business is in financial trouble in our blog: https://www.redwoodcollections.com/blog/five-warning-signs-that-a-business-is-in-financial-trouble
When a company that owes you money goes through the process of liquidation, it means that the company is selling off its assets to pay back its debts. Liquidation is a formal process to resolve financial matters before the company is formally dissolved.
However, if the company is dissolved, creditors can only pursue unpaid debts through the directors and shareholders of the company, as the company no longer legally exists on the Companies Register.
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