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Lovetts Solicitors Named UK Debt Recovery Law Firm of the Year

Lawyer Monthly, a corporate law based publication which boasts a broad global readership, has announced Lovetts Solicitors as the UK Debt Recovery Law Firm of the Year. This prestigious award is presented to a firm that has provided an outstanding service to their clients in the previous twelve months, not only through expertise and response to changing demand, but also with a dedication to innovate the sector they are in.

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What is the Liquidation Process Carillion is Currently Going Through?

On Monday 15th January 2018 the news broke that Carillion, the giant construction firm and government contractor, was going into liquidation. Unlike the process of administration, where the company in question is able to continue trading whilst viable parts of the business are sold off in an effort to ultimately stay afloat, liquidation means a company ceases trading immediately and steps are taken to raise as much money as possible  to settle its debts.

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How Did Some Carillion Suppliers Avoid Writing Off £290k of Bad Debt?

On 15th January 2018, construction giant Carillion announced they were going into liquidation, putting 43,000 jobs at risk worldwide and leaving a large number of sub-contractors and suppliers out of pocket.

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Is Your Business losing thousands of pounds by failing to use the Late Payment law?

Late payment remains one of the biggest problems for UK businesses. However, late payment law is available to protect businesses from late paying customers.

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6 Steps Your Business Can Take to Protect Cash Flow over the Holidays

Businesses face a unique challenge when it comes to cash flow during the months of December and January as many companies close their doors between Christmas and New Year's Day, so payment of invoices are often not processed until mid to late January. This delay in payments can put a huge strain on businesses that have to pay tax, VAT and rent during this period.

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Unpaid Debts - How to Issue a Legal Claim Through the Court

When customers do not pay your invoices, it can be difficult to know how to proceed. If your pre-action correspondence has not resulted in payment, it is usually worth taking legal action to ensure your company is paid. Let's take a look at how legal debt recovery works. 

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How Does the Recent UK Interest Rate Rise Impact Late Payment Law?

On 2nd November 2017, the Bank of England increased the base rate of interest from 0.25% to 0.5%. This is the first time that interest rates have been increased in more than a decade.

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Lovetts Protects Clients with Leading Cyber Security Accreditation

In July this year one of the best-known credit monitoring companies in the UK, Equifax, admitted that well over half a million UK consumers had their personal information compromised in a cyber-attack.

Sadly, this kind of thing is not uncommon, and as our reliance on technology grows the threat of such attacks will only increase, according to the National Cybersecurity Centre.

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Late Payment Charges - What You Need To Know

When the Late Payment of Commercial Debts (Interest) Act 1998 was introduced it had two clear purposes.

The first was to ensure that creditors were properly compensated for the late payment of any debts, and the second was to avoid late payment being an issue in the first place.

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How Do I Assess The Effectiveness Of My Third-Party Collection Agency or Lawyers

Written by: Charles Wilson - Lovetts Solicitors, Chairman

The many advantages of using a third party collection agency or law firm to recover debt have been well documented over the years, and although there are also some benefits to having an in-house collections team, more and more companies are using third parties today than ever before.

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Help! I’ve Just Overpaid An Employee!

Many of us have enjoyed the classic board game Monopoly, and we’ve most likely received the “Bank error in your favour, collect £200” card.

In real life though, it doesn’t quite work like that.

Overpayments can and do happen, but the recipient isn’t legally entitled to pocket the money, unlike the player in a game of Monopoly!

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The New Pre-Action Protocol For Debt Claims - What Is It? And How Will It Affect My Business?

As many of you will no doubt already be aware, the Ministry of Justice has released a new Pre-Action Protocol for Debt Claims that comes into effect on October 1st, 2017.

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