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Dealing with a county court judgement (CCJ)
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If your company has received a CCJ which cannot be paid, this may have serious implications for the business:
- Credit rating effected
- Business could be trading while insolvent
- Winding up actions could follow
If your business has received a CCJ, you should take steps to prevent more serious actions against the company.
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Other Essential Info
What is a county court judgement? (CCJ)
If a company owes money to one of its creditors which it is unwilling or unable to pay, the creditor can apply to the court for a county court judgement (CCJ). A CCJ is a court order demanding that the outstanding debt is paid.
A CCJ can demand that the company pay its outstanding debt either by instalments or through a single one off payment.
Even though a CCJ has been issued, this does not automatically enable the creditor to force the company to pay its debt. However, the issuing of a CCJ and subsequent actions if the debt remains unpaid can have serious consequences for the business.
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What are the effects of a CCJ?
- Credit rating effected - Once a CCJ has been issued, this will be advertised in the Stubbs Gazette. It will then be recorded against the company's credit file which will make borrowing in the future more difficult.
- Buying decisions influenced - A new customer's buying decision may be influenced of they believe that the company is in financial difficulty. Other companies may prefer not to trade with a business they perceive to be financially unstable.
- If a CCJ is not paid, this may trigger the creditor to apply for a winding up petition to close the company. The court will resist issuing a winding up petition unless all other avenues of debt collection have been exhausted. Non payment of a CCJ will strengthen the creditor's arguments in this regard.
If your business has received a CCJ, call us NOW
How can I stop the effect of a CCJ
Clearly the best way to avoid the effects of a count court judgement is to pay the debt owed before the creditor makes an application at court.
However, if your company is facing a wider financial problem you should consider implementing a company debt management solution:
These solutions will stop the company's creditors applying for new CCJs against it and will overturn any judgments currently in place.
Where to start
- Find the right solution - use the Solution Calculator to get a FREE REPORT
- Call us now so that one of our experts can help you start the rescue
If your business has received a CCJ, start the recovery process NOW, call us