Is someone not paying you or has a debtor become insolvent?  We can help.

Is someone not paying you or has a debtor become insolvent?  We can help.

Bradley Haynes Law Debt Recovery Department – call 01905 900 929 or email neil@bradleyhayneslaw.co.uk.  

Recently a number of high-profile businesses have entered into administration and liquidation, leaving numerous suppliers significantly out of pocket.

It is critical for any business to have an active credit control strategy to mitigate the risk of bad debt.  Cash is king – more literal than metaphorical these days and all businesses of any and every size need to understand what is happening with their money. It is vital that businesses have proper systems in place to monitor cashflow and ensure their invoices are getting paid on time. What can businesses do about unpaid invoices?

Be proactive

Pro-active cash collection is essential in respect of all debts. The sooner you start chasing, the sooner you will find a resolution; rarely does delaying help the situation. Don’t be tempted to ignore smaller invoices because they soon mount up; before long they cease to be a minor inconvenience and become the topic of some concerning conversations.

Debt recovery can be a quick and painless exercise, if you take the necessary steps early. Did you know there are specific court rules governing debt recovery if you are a business claiming monies from an individual (including sole traders)? If these rules are not followed, it may take longer to recover the debt because of having to take remedial steps.

Have good terms of business

When the time comes to rely on your terms of business, it is critical they can be relied upon. If you are selling goods, there are also provisions which can be inserted that bind insolvency practitioners into allowing you to recover goods that have not been paid for in certain circumstances.

Specialist support

At Bradley Haynes Law we specialise in debt recovery and can support you in collecting money owed to you or recovering goods. We can advise you on the whole process, from commercial resolutions, pre-action considerations right through to enforcement of Court Judgments.

Recognising that businesses are cautious about the time and costs involved in court proceedings we offer innovative solutions to debt recovery including:

• Pre-proceedings collection services which focus on establishing contact with debtors early to negotiate settlements on your behalf by both telephone calls and letters to debtors. This approach has the benefit of leaving open the option to maintain a relationship with the debtor (if that’s important to your business).
• If court proceedings are necessary to recover a debt, we use a sophisticated case management system to ensure cases are progressed quickly, efficiently and cost effectively.

Please contact us at Bradley Haynes Law on 01905 900 919 or at Neil@bradleyhayneslaw.co.uk to discuss how we can help you deal with your debt and avoid initiating insolvency.