Is your business owed money? We can help!14th May 2019 4:59 pm Comments Off on Is your business owed money? We can help!
In the current economic climate many companies are having trouble managing their debtors. For some the problem is late payment and others are not getting paid at all! We have the technical knowledge and skill to help you get paid.
What can you claim and when?
When you can start a claim for an unpaid debt depends on what you have agreed about time to pay. If you have a contract that states your payment terms, the debt is “overdue” if it is has not been paid in accordance with those terms. If you don’t have a contract then payment becomes “overdue” 30 days after receipt of the invoice or 30 days after delivery of the goods/services if this is later.
Unpaid debts between two businesses attract interest. If there is a written or oral contract that specifies a rate of interest, that will be the interest that you can claim. In the absence of contractual interest you can claim statutory interest at the rate of 8% per annum above the Bank of England base rate (currently 0.5%).
In addition to interest, for commercial debts, you can claim statutory compensation of between £40 and £100. The amount you can claim depends on how much money you are owed. In some circumstances you can also recover your legal costs.
A County Court Judgment (“CCJ”) is just the first step in the process. What most people really want is to get paid. There are a number of options for enforcing a CCJ and we can help you to decide which are the most appropriate in your circumstances. We can also offer practical advice on how to avoid debt recovery proceedings in the first place and how to increase the chances of successful debt recovery if the worst does happen, such as obtaining personal guarantees from directors if you are doing business with a limited company.
Call the Litigation team at Colemans for expert assistance to recover your commercial debts.
Kate Williams and Sheena Bradfield specialise in maximising successful debt recovery for our company clients. Both have a proven track record of negotiating the best possible payment terms and obtaining and then enforcing Judgments where court proceedings become necessary. They have been described by their clients as a formidable team!
For advice tailored to your situation or to make an appointment please call 01628 631051 or email firstname.lastname@example.org
This post was written by Colemans Solicitors LLP