Pearson Solicitors Boosts Business Accounts by £1 Million
Pearson Solicitors has helped its clients recoup outstanding debt of an incredible £1 million throughout 2014, making the vital difference to their commercial health.
Our debt recovery team have been instrumental in recovering debts from as small as £300 to more than £50,000 for its clients, many of which are SMEs that do not have a debt recovery function in-house.
"Small businesses in the North West experience the greatest number of late payments in the UK,” explains solicitor Nicola Laurie. “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’s 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.”
Late Payment Affects SME’s
Late payment has become a serious issue across a number of sectors and is a topic for political debate, with the government currently formulating a ‘Late Payment Reporting Plan’ which will force 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.
Nicola adds: “A solicitor can help assess your case and give advice on the best methods to progress depending on the amount you are owed. Often this may just involve simply sending a ‘Letter Before Action’ to your debtor for a minimal cost. If payment is not forthcoming then a solicitor can advise you on what your best options are from that point onwards.
“With the North West highlighted as one of the key areas to benefit from reshoring, it’s vital to keep the region’s economy moving. Not keeping on top of your debts can mean the difference in a company being a success or failure. The New Year is a good time to take stock of your business and get your debts in order.”
For further information contact a member of the Debt Recovery Team on 0161 785 3500 or email email@example.com
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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.