Whether your business is small or large, any delay in receipt of payments due is unwelcome.
We act as debt recovery solicitors for a wide range of clients and work with them to find the best possible solutions to their problems. We will ensure that we understand your business and its needs. You can be assured that we will only recommend the best possible solutions to your debt recovery issues. The procedures we recommend are cost-effective and appropriate, ensuring that we maximise the recovery for you.
With the introduction of the Pre-Action Protocol for Debt Claims debt recovery by businesses against individuals (including sole traders) requires a more complicated procedure. We can provide a thorough and efficient service that complies with all the procedural requirements, minimises delays and maximises your prospects of recovery of the debt without falling foul of potential costs penalties that failure to comply with the procedures can involve.
Business to business debt recoveries remain unaffected by the new procedures unless a sole trader is involved.
We generally do not ask for any payments in advance from our clients unless it is absolutely necessary to advance your case. You may also be entitled to statutory interest on your debt at the rate of 8% per annum (or possibly more if your debt qualifies as a debt under the Late Payments of Commercial Debts (Interest) Act 1998) even if your terms and conditions do not provide for interest on outstanding invoices.
If it very often the case that a debt has not been paid because either (1) there is a dispute, or (2) the debtor is struggling to pay. We therefore generally advise that all the circumstances be considered before commencing a procedure for debt recovery to anticiipate if it is going to lead to litigation or a form of insolvency. For straightforward debt collection matters, however, these are our funding solutions.