Financial litigation

 

Financial litigation usually occurs as a result of commercial litigation or disagreements relating to debt.

If you have a financial dispute where a company owes you money, or you owe money which you cannot pay, you might well need a financial litigation specialist to help you draw up a suitable plan of action.

What is financial litigation?

Financial litigation would come under the remit of civil litigation and is therefore governed by the civil procedure rules. Civil litigation is a case in which the defendant is accused of doing something to cause the claimant financial loss.

The civil procedure rules contain information on what must be sent when and protocols that must be followed.

Going to court

Before going to court, it is important that litigants attempt to settle any disagreements by negotiating or undertaking a dispute resolution procedure. This would include mediation.

Failure to undertake any procedure could mean that a judge awards damages or costs against a party for failure to comply with protocol.

Depending on the value of the claim, the case can be commenced in either:

  • The High Court
  • The County Court

If a claimant chooses to commence the claim in the High Court, they should be wary of the increased costs in doing so.

If you are unsure in which court the claim should be commenced, it is usually worthwhile starting in the County Court, as the claim can be moved to the High Court at a later date.

The next steps

Wherever your claim is started, it is always advisable to instruct a solicitor who is proficient in civil and financial litigation. Your solicitor will be able to advise on the protocol which must be followed, deadlines which must be met and the likelihood of winning your case.

Your business should have a process whereby outstanding debts are escalated from:

  • Initial telephone calls
  • Letters of demand
  • Finance litigation through the courts

Often, a strongly worded letter from your solicitor will obtain the money you are owed. A solicitor will usually write a letter for you for a fixed fee, and this is often the best investment you could make in attempting to avoid litigation.

It’s surprising how willing the other party is to cooperate once they have received a slightly intimidating solicitor’s letter, emphasising the costs of litigation if they are unwilling to settle the matter outside of court.

If you don’t currently have any legal representation, we can help you find a local solicitor that has experience of finance litigation if you have no choice but to go to court to obtain the money you are owed.

For more information on civil procedure rules, see our guidance page on procedure law.

Are you looking for an experienced finance litigator for your case? Contact Law can recommend the best solicitor for your case, based on your requirements. Please call us on 0800 1777 162 or complete the web-form above.

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