If you are owed money that isn’t being repaid then you are probably wondering how you can get it back. The two main options available are debt collection agents and debt recovery solicitors. But which is best?
A Civil Courts Structure Review – Interim Report published last month by Lord Justice Briggs has proposed the introduction of an online court and effectively raising the small claims threshold to £25,000.
There has been an alarming increase in cashflow difficulties faced by UK businesses during the past year, exceeding levels last seen during the recession. In 2015, 56% of County Court Claims to recover debt, resulted in a County Court Judgment (CCJ) because the debtor was unable to pay. This is the highest level seen in over 6 years.
Access to Justice for SMEs across the UK was dealt a hard blow in recent weeks. Following a Government consultation last year, in March 2015, a new Court Fee tariff was introduced. As a result, the Court Fees for money claims to recover overdue debt from businesses rose in some cases by a staggering 622%.
In short, provided you are entitled to use the Late Payment of Commercial Debts legislation then YES! The legislation applies to any and all debts where the contract was formed within the last 6 years (regardless of whether the debt has subsequently been paid) and where you either have a clause in your contract stating that the Late Payment Act (LPA) applies
Our client, a lighting specialist had paid a company monies to hold stock on its behalf. The defendant, a Director of the Company, had signed a declaration confirming that the company was holding the stock paid for. The company then went into liquidation
Helping businesses prepare for a major change in bailiff and enforcement regulations coming this April, Lovetts Plc, the debt recovery law firm has created a 10 point guide on the new regime.