Our debt recovery team understands the importance of good cash flow to business success.
Without prompt payment of invoices even the healthiest businesses can suffer.
We offer a comprehensive and personalised debt collection service which is tailored to each client’s requirements and often involves nothing more than a carefully worded letter. Our service covers full debt support from issuing first reminders to securing ultimate payment via court proceedings. We can also help clients avoid many problems associated with debt collecting by advising on credit control systems and drafting standard conditions of trading. We make full use of the Late Payment of Commercial Debts (Interest) Act 1998 which can often cover part, if not all of the costs involved in pursuing the debt for you.
Involving a solicitor at an early stage in disputes can often lead to a resolution of legal problems without the need to resort to the courts. One of our debt recovery specialists will help you to assess your options and advise you in order to allow you to deal with disputes in the most efficient and profitable manner.
- insisting on cash payments for any further orders
- taking personal guarantees from directors (if not already in place)
- speaking to your customers – chase the debt and set a clear final date for payment
- taking back any goods you have supplied subject to a reservation of title agreement
- instructing a lawyer to take prompt action to recover the debt
We can provide you with appropriate terms and conditions for your business, or check ones that you currently use and advise on any necessary changes. We can act promptly and cost effectively in suing customers who default. The sooner you instruct us, the more likely it is that we can recover the money you are owed. It may only take one letter. If a customer becomes insolvent we can also help protect your interests by liaising with the liquidator.
Debt recovery matters are handled by our Head of Department, Solicitor and Partner, Maria Calvy, who qualified as a solicitor in 1998 and who has over 20 years experience advising on civil litigation and debt recovery matters. Maria charges an hourly rate of £260 plus VAT at 20% where an hourly rate is applicable. Time spent on litigation/debt recovery matters: 35%.