Advice on a CCJ (County Court Judgements)
Do you need advice on a CCJ as a result of either receiving court papers confirming an action against you from a creditor, or because you intent to obtain a judgement against a person who owes you money? – Well Bridge Newland can help. Read on for an explanation of the process and how it effects you:-
What is a County Court Judgement (“CCJ”)?
A CCJ is a ruling/award given by a court judge at a local county court confirming whether a debt is due from one company to another, and if so, also setting the level of the debt.
How does a CCJ affect my company?
• A CCJ can worsen your Company’s credit rating and may appear on your Company’s credit file if left unpaid. Therefore if you believe that the debt is a valid debt and you do not dispute the court ruling, you should ensure that you pay the CCJ in full as soon as possible. Once done the Company’s credit file will be updated to show that the CCJ has been paid (satisfied).
• If you do not pay the CCJ, either because you dispute the judgement or your Company cannot afford to pay it, then the creditor who applied for the judgement can get a court bailiff to attend your premises to remove assets to the value of the judgement; This is called a warrant of execution. This would also result in additional interest and charges being applied to the debt.
• The Company is likely to find it difficult to obtain credit from suppliers or lenders if there are outstanding CCJ’s on the Company’s credit file.
My Company has received a CCJ, What can I do?
Firstly, it should be noted that Bridge Newland Limited are specialists providing advice to Companies who have received a CCJ and as all initial consultations are free I would recommend that you contact our Midlands office in Rugby, Warwickshire for free on 0800 612 6197 for professional advice.
There are many options for dealing with a CCJ, from disputing it at court, removal, negotiating a settlement, raising finance to pay it off or writing it off by placing your Company into an insolvency process (like Liquidation or Administration). Therefore, do not worry as we will find a solution for your CCJ worries.
Does a personal CCJ effect my Company?
No, any personal credit problems or CCJ’s do not affect your Company.