When a business relationship goes bad, which can be for a variety of reasons, then litigation may follow. But do you know if the other party can afford to contest or settle any award? There is little point in issuing proceedings if the other party is 'made of straw'. That's when a Status Report can save you time, and potentially stop you throwing good money after bad.

What is a Status  Report?

A pre sue or a status report helps to identify if a subject has the means to settle any action that may be brought against them. This can be either a company or an individual.

Using our comprehensive information gathering skills we are able to provide a full picture enabling a sound decision to be made before issuing proceedings.

What does a Pre Sue Report Contain?

There are a number of core components to a report, the one of the main ones being a County Court Judgment and Insolvency search. This helps to build a picture of the subject’s credit history – you may not be the only one chasing debts. The report will also contain confirmation of the debtor’s address. For individuals, directorship details and a land registry search on any property is also included to help build a picture of any assets that they may hold. We also follow up our electronic reports where required with a visit to the debtor’s address, to establish the type of property, any vehicles and evidence of lifestyle where necessary.

For limited companies, the Pre Sue report also contains valuable information such as full title and registered address, dates of last filed accounts, insolvency notices, and insolvency data such as Winding Up petitions. For non limited companies and sole traders we can provide confirmation of business address, confirmation of the proprietor’s address, any bankruptcy or voluntary arrangements, or any default or derogatory information.

Also means interviews can be conducted with a debtor to ascertain what they can afford to pay in settlement.

Who asks for Pre Sue Reports?

Business owners, corporates, solicitors, accountants and other professionals involved in business may need to have a complete picture of a subject’s assets before proceeding to litigation.

Case Study

A client was owed a substantial amount of money by an individual, who was not responding to the usual seven day letter requesting payment before issuing proceedings. As little was known about the individual, we compiled a Pre Sue report on the debtor. This ascertained that the debtor had no other Judgment against them, and that they owned a property in Banbury. Based on this information, we obtained judgment against them and a charging order was placed on the property, and the debtor paid the full amount owed plus interest and costs.