Developer fails to pay.... Help?

[junction26]

Contracts were exchanged last year for the sale of my house and land. Developer now saying cant get money to pay. This is a medium sized Midlands based firm with several assets. Monthly penalties began to incur from May this year at a set sum, they have also reneged on this. Several breaches of contract have now come to light as they have not kept me fully informed as per contract. Contract expires November 08.
What redress do I have.... dont have any large pots of cash left after all this! ? Stat Demand for smaller amount first? to test waters? or go for big one? Cant afford �60k to sue and likelihood of them just folding and doing them a favour is probably high!

[buildersmate]

Putting the same question in different areas of the website isn't very helpful. Fortunately I can see that Jen has answered your question, which also appears under Law.

[junction26]

Apologies, couldnt decide which category. Desperation and frustration in overdrive!