INSIGHT: Pearson Solicitors Boost Business Accounts by £1,000s
Cash flow is the life blood of any business. Taking proactive steps to ensure that debts do not mount up can often mean the difference between a company growing or declining and getting into difficulties. In the last financial year alone Pearson Solicitors and Financial Advisers have recouped £1,000s for their clients in outstanding debt making the vital difference to their commercial health.
Our debt recovery team have been instrumental in recovering debts from as small as £150 to more than £50,000 for clients, many of whom are SMEs with no in house debt recovery function, or simply do not have the resources to tackle the most ardent of debtors.
We Can Help You
We help our clients to achieve their business and commercial objectives by providing powerful, effective and practical legal advice.
Our Debt Recovery Service
Our Debt Recovery team uses a proven combination of letters, telephone calls, court proceedings and commercial judgement to recover monies from your debtors.
In many cases a solicitor's letter before action to the debtor can result in immediate payment. If however, a debt becomes contested, our experienced and qualified litigators can advise you on the various options available.
We provide advice and updates at each stage of the Debt Recovery process including:
- Tracing debtors / Credit searches;
- All activities prior to the issue of Court proceedings including letters before action and pre-issue negotiations and settlement arrangements;
- Court proceedings;
- Enforcement; and
- Winding Up and Bankruptcy Petitions.
For complex, high value or defended debts, our experienced litigation solicitors can offer bespoke advice where necessary.
“Cash flow is incredibly important for any small business,” said solicitor Aaron Marshall. “Many businesses are unaware of how much money they are owed and don’t have the resources to spend time managing outstanding payments.
“However it is essential that companies take action sooner rather than later, because failure to act can impact on cash flow, which could affect their long-term viability,” he warned.
Late payment has become a serious issue across a number of sectors and is a topic for political debate, with the government formulating a ‘Late Payment Reporting Plan’ which will require large firms to report their payment records every three months.
Many smaller companies, however, do not know their rights when it comes to debt recovery, which includes the right to claim interest and debt recovery costs if another business is late paying for goods or a service.
“Often a simple Letter Before Action is all it takes to speed up payment and we can help assess your case and give advice on the best methods to progress depending on the amount you are owed. The ‘Letter Before Action’ to your debtor is a minimal cost but does often in my experience get things moving. If payment is not forthcoming a solicitor can advise you on what your best options are from that point onwards.
“Not keeping on top of your debts will often be the difference in a company being a success or failure and ahead of the end of the financial year it is a good time to take stock of your business and get your debts in order,” he added.
For advice on your commercial debt recovery options contact firstname.lastname@example.org
Also in this issue of Insight
- Why Making A Will Should Be Your New Year Resolution
- Why Should I Make a Will if I Have a Business?
- Pearson Solicitors Boost Business Accounts by £1,000s
- Taxing matters use it or lose it
- Transgender issues and avoiding discrimination: new guides for employers, employees and service providers
- More Houses Less Landlords Who Knows What The Future Will Bring
- Commercial Video
Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.