How our asset tracing solicitors can help
Commercial asset tracing doesn't have to be a headache for your business. Our team of assert recovery solicitors can provide high-quality legal advice to help you navigate the challenges. Here are just some of the ways our legal team can support you:
Conducting investigations | Our team can conduct detailed investigations to examine documents and help identify any hidden assets. They can also look for misappropriated assets that have been stolen or misused by an individual or business. They can also investigate asset sales that might have been undertaken by a company. |
Applying for legal search orders | Search orders can be essential in ensuring assets are recovered. Our asset recovery team can help obtain disclosure orders which can force individuals or businesses to disclose assets. Plus, they can look into freeze orders, which can be necessary in cases where assets are being misused. |
Instructing tracing agents | Our asset tracing lawyers can help to legally instruct tracing agents. These tracing agents can help in complex cases such as fraud or misappropriated assets. They share the information with the tracing agents who will trace and recover the assets. This tracing can then be used for court procedures. |
Advising on enforcement strategies | Our legal team can offer the best enforcement strategies to recover assets. They'll look at the debtor’s financial position and assess their assets and cash flow situation. They can then advise on the best tools needed which will lead to the recovery of assets. |
Why choose Lawhive for an asset tracing solicitor?
We're not like your average law firm. We'll connect you with a legal expert from our network of commercial solicitors and provide you with a fast and efficient service that's tailored to you. Here are just a few reasons that you might like Lawhive:
Experts in asset recovery: We'll pair you with a solicitor who has in-depth experience in commercial asset tracing and recovery. They'll understand the correct strategies to use and be able to guide on what's best for you and your business.
Cheaper on average: Typically, we're up to 50% cheaper than a traditional law firm. We'll provide you with an instant fixed fee quote before you get started, with no obligation on your end.
Fast and easy: We aim to connect you to an asset tracing solicitor that can take your case in up to 48 hours. In most cases, it's even quicker than that.
When is asset tracing and recovery necessary?
Asset tracing can be essential when commercial disputes arise. Here are just a few of the circumstances when asset tracing or recovery might be needed for your or your business:
1. Fraud and misappropriation
Asset tracing is commonly used in cases of fraud to recover and identify business assets. Solicitors can look into tracing asset transfers and money trails to help discover the assets. The solicitor’s tracing of the assets can help to prove who is accountable, where the assets are being held and the process of recovery.
2. Insolvency and liquidation
When a company becomes insolvent, the insolvency solicitor or practitioner needs to identify all assets of the business. This can help the business to pay off debts and creditors can recover their funds. It is necessary during the liquidation process to identify any assets that have been wrongfully transferred or hidden before the liquidation of the company.
3. Breach of contract
Businesses or individuals may have hidden assets to avoid enforcement or a contractual obligation. In these cases, assets can be discovered by the professional analysing the financial records and property transactions. The assets will then help to make sure businesses are enforced to their legal responsibilities.
4. Divorce and family business disputes
There may be cases where assets need to be retrieved as they have been concealed in divorce proceedings or family-owners business. Solicitors can then trace and recover the assets to make sure the case is fair and no financial misconduct takes place. They can disclose assets that may have been hidden to stop distribution to the other party.
Costs and solicitor fees involved
The cost of a commercial asset tracing solicitor will be unique depending on the complexity and requirements. Here's a quick snapshot of the services you might expect to pay for:
Investigation costs: This may include instructing tracing agents and conducting investigations into bank statements.
Court fees: If steps are taken to recover the fees, the solicitor will be required to be paid to take action and represent you in the court proceedings.
Legal orders: You'll also need to pay for the solicitor to obtain legal orders. This can help to disclose assets and can freeze them if the money is being misused such as in fraud cases.
Recovery of costs
If the case is successful in court, there is the potential for recovering legal costs from the debtor. Solicitors can apply for a costs order which will cover the costs that the party would have paid to recover the assets. The recovery of costs is common in cases of fraud or breach of contract.