The Bank of England has today further increased the base interest rate from 3% to 3.5% in an attempt to stem the cost of living. Now at the highest level for 14 years and with further increases likely businesses continue to suffer. Now more than ever it is vital aged debt is addressed and monies […]

Today the Bank of England has further increased the base rate from 2.25% to 3% – the biggest hike since 1989. With inflation at its highest for 40 years it is now forecast that the UK is facing a “very challenging” two-year recession. The present economic climate is very clearly not going to improve anytime […]

In light of the current economic climate you don’t need us to tell you of the increasing challenges faced by businesses. The continuing and unprecedented rise in interest rates, now being the highest level for 14 years at 2.25% in an effort calm inflation which is at a 40-year high of 9.9%, and the pound […]

Within the last few months there has been a surge in the use of insolvency action against Debtor Companies with a reported 1827 new company insolvencies reported by the end of July 2022. This will only increase further by the end of year as more companies deal with late payments and the increase in energy […]

Episode 9 of Devonshires’ Litigation & Dispute Resolution podcasts features Robert Edge and Ann Dixon from our Debt Recovery team, ranked number 1 by the Legal 500 directory. Robert and Ann discuss with James King of Quality Bailiffs, national High Court Enforcement Officers, about how they assist with the enforcement of a Judgment. Click here […]

This month, the Bank of England has further increased the base rate from 0.75% to 1% in an effort to address the continuing rise of inflation driven by increases in global fuel and food costs. Prices in the UK have risen over the past year by 9%, the highest for some 40 years, with 10% […]

The Corporate Insolvency and Governance Act 2020 introduced various restrictions on Creditors bringing Winding Up Petitions against Companies during the Covid-19 pandemic. The Government has now announced that the current restrictions which ended on 31 March 2022 will not be further extended and that the pre-pandemic rules will apply. A new arbitration process has been […]

Some industry areas are seeing a resurgence in growth in the last quarter with retail sales showing a +1.9% in January 2022 and sales volume are up from pre-covid times. All of the above is great news for the economy (and hopefully for your business), however it can distract you from keeping an eye on […]

We have seen that whilst some industries continue to improve there is still a serious issue with late payments. According to the Federation of Small Businesses around 400,000 businesses may be forced to close this year due to late payments not being received and high inflation. We assist small businesses of all sizes in successfully […]

If a Debtor refuses to pay your invoice then your terms and conditions can significantly strengthen your position. As a firm of Solicitors at Devonshires Solicitors LLP we have knowledge and experience in reviewing terms and conditions and contracts. Some examples of terms that may be useful to include in a contract: –   Entitlement […]

We have seen more and more Creditors in recent months using the County Court system to register their debts against a Debtor. If the Debtor does not pay the Judgment Debt within a month then the debt becomes registered against the Debtor as a ‘bad debt’ and will become searchable on their Credit Rating. Begbies […]

The most recent Legal 500 directory has been published and we are delighted that the Debt Collection Team has kept its previous year’s ratings of a Tier One Status. Please see the following review from one of our current clients: ‘The team at Devonshires provide a superb service. They do the basics of debt recovery […]

Last week the Government announced that they would be introducing temporary changes to the Law on Winding Up Petitions against Companies. Currently, the Government has restricted Creditors’ use of Statutory Demands and Winding Up Petitions (which are used to liquidate a Company) until the 30 September 2021. The Government’s announcement last week will introduce the […]

One of the more frequent questions we get asked from our clients when instructing us on a debt matter is what happens after a Claim for monies is issued? We have created the below graphic to show you the process.

Devonshires were instructed by a small UK based consultancy company in respect of a debt that had been owed for two years. Payment of the debt together with statutory late payment compensation and monies towards the client’s legal costs were received with our Debt Recovery department having taken a firm but fair approach. Over the […]

Having cash flow issues or in need of recovering an unpaid debt or judgment? This year there has seen many restrictions with Insolvency actions and delays with the court in processing disputed claims. Our Top Tips: Speed = the quicker you act the more likely assets have not been sold or moved. Act upon expiry […]

The government have issued further updates regarding the Commercial Tenants Evictions and Companies Insolvency Procedure: On 16 June 2021 the Government announced that they have extended protection for commercial tenants from eviction to 25 March 2022.  Statutory demands and winding up petitions will also remain restricted until the end of September 2021 where their debts […]

Has the Debtor individual gone quiet? Finding it difficult to locate the debtor? Are you fed up with dealing with them? Is the Debt disputed and you feel like you are not making a way forward with them? Then… Contact us by email or phone to assist with your invoice collection; We are legally trained; […]

Rent Arrears if your tenant owes rent to you – start by contacting the tenant to see if there is any reason for their non-payment other than that they can’t pay; If the arrears are older than six months then consider issuing a county court claim against them for payment of the rent; There are […]

The Government has introduced further extensions to protect Companies which echo extensions given to individuals. It is introduced by the forming of the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2021 which extend the following: – Suspend liability for wrongful trading until 30 June 2021 for directors who continue to […]

Yesterday the Government announced a further update for Landlords and Tenants: Extends the ban for commercial evictions to 30 June 2021; Extends the ban for residential evictions to 31 May 2021; Courts will still be able look into eviction claims if they are connected with anti-social behaviour, fraud or domestic violence; and, You will still […]

As any business knows ‘cash is king’ in a business especially in the last year as business do all they can to survive these difficult times. So, how we can assist you and why should you choose us. What we can offer you: Advice on the best and effective method to enforce your judgment debt […]

The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) Regulations 2020 comes into force on 4 May 2021. Let’s look into what it means for you as a creditor recovering monies from a Debtor? Who can apply for the Debt Respite Scheme? Any individual can apply for help if they owe a […]

The last year has been a testing time for all businesses no matter their size. At the Debt Collection Centre we are here to help you through the tough times. Try considering the following more closely: Check your standard terms and conditions – Is there a term in respect of claiming interest for late payment […]

Do you have a historic debt that remains unpaid? Do you have a judgment that you have not enforced against the Debtor as you are unsure of what to do next? Are you not sure how to find the debtor/ ex-tenant that owes you money? If the answer to any of the above questions are […]

Amid the news of a further lockdown (whether you agree with it or not) the Government has announced further financial help for businesses and individuals (which are more helpful). We have produced a useful summary so that you have all links in one place. New Financial Assistance Furlough Scheme extended to December (no actual end […]

We are delighted to announce that our Debt Recovery team, headed by Robert Edge and Jim Varley, has been ranked Tier 1 in the Legal 500 rankings. Tier 1 recognises the strength of the team and the consistency of quality of the individuals within the team. Robert has also been ranked as a ‘Leading Individual’, with one client […]

The government has on 24 September 2020 announced that statutory demands and winding-up petitions will continue to be restricted until 31 December 2020 to protect companies from aggressive creditor enforcement action as a result of coronavirus related debts – note if the debt is older than a year, the reason for the debtor not paying […]

High Court Enforcement Officers will commence visits to residential properties, working through a huge backlog of enforcement orders dating back to March 2020. The restrictions on visits had been for residential addresses for individual debtors. This was following amendments in the Taking Control of Goods and Certification of Enforcement Agents (Amendment) (No.2) (Coronavirus) Regulations 2020. There were […]

A brilliant Result from The Debt Collection Centre powered by Devonshires Solicitors’ Debt Recovery Department recovering $600k from a major fashion retailer within three weeks. The team comprised of Robert Edge and Ann Dixon were instructed by a Turkish based international clothing manufacturer and supplier to major fashion retailers worldwide. Despite the UK based fashion […]

In recent weeks restrictions are being gradually lifted around the UK and the economy is slowly getting back to a new ‘normal’. Official figures from the Government’s Office of National Statistics has reported last week that the UK Economy shrank 2.2% in January to March 2020 which is the biggest fall since 1979. The press […]

Alternative Dispute Resolution (ADR) methods – what are they and how do they work? There are a number of options which range from an informal to formal procedures; please see the following options: –   Mediation – a third party (the mediator) meets with both sides to reach settlement. Often court appointed. Arbitration – an […]

Ensure written confirmation of the debtor’s proposals for payment; this ensures you have acknowledgment of the debt if the debtor at a later stage tries to dispute it; Try to resolve disputes with debtors now to avoid a lengthy court process or hefty court fees at a later stage; See if the debtor is stating […]

Company Insolvencies 2,708 creditors’ voluntary liquidations (CVLs) 701 compulsory liquidations 404 administrations 69 company voluntary arrangements (CVAs) 1 receivership Except for company insolvencies there have been decreases in the rest of the company insolvencies; The figures seem to be for the period before Covid19 has effected the economy; the construction industry had the highest number of new […]

As you will be all aware the government has announced that the UK is going to be in lockdown for a further three weeks. Here is our round up of the latest news this week. Finance and Loan repayments The Financial Conduct Authority (FCA) is announcing that it plans to make a deal with Car […]

Further to our news article last week, the government has announced last night that some changes are being made to the Coronavirus Business Interruption Loan Scheme (CBILS): Applications will not be limited to businesses that have been refused a loan on commercial terms, extending the number who benefit. However, the government has refused to adjust […]

Cash is King and every business needs a detailed monthly cash flow. To assist businesses the Government have initiated the following schemes: VAT deferral for April/June 2020. This is automatic. There is no application. Businesses submit VAT returns in the usual way but do not pay the VAT.  The VAT is to be paid by […]

A lot of businesses will be feeling worried about the money they are owed. During this difficult period, prompt payments will be more important than ever to ensure businesses can continue to function, support their staff and maintain social cohesion. There are a number of options our experts can discuss with you should you find […]

Budget Highlights (relevant for businesses) Corporation tax rate will remain at 19% for the next two financial years  A new digital services tax will be introduced this year as announced in the 2018 Autumn Budget  The research & development expenditure credit will be increased from 12% to 13%  The Employment Allowance, which reduces employer’s national insurance contributions, will increase from £3,000 to £4,000 from April, saving businesses an extra £1,000. Employers will be able to reclaim expenditure for any employee who has claimed Statutory Sick Pay (SSP) (according to the new eligibility criteria) as a […]

The statistics reveal some bleak but interesting findings showing the status of the current UK economy.  Individual Total insolvencies for 2019 was at the highest level since 2010; Total number of Individual Voluntary Arrangements were the highest since they were introduced; There was a 0.6 per cent increase in bankruptcies between 2018 and 2019, to […]

If you have been granted a Judgment/ Order against someone else (the “Debtor”) and they continue to ignore requests for payment, what can you do next to recover monies owed to you? Initial Questions to consider Do you have a home or business address for the Debtor? Do you believe or have knowledge that the […]

January is a normally a time for individuals to rethink their priorities and plan for the year ahead. This is no difference for a business. January should be a time that you can review how your business is coping, how your staff feel and how well your cash flow has coped throughout the previous year. […]

Introduction We at the Debt Collection Centre and Devonshires Solicitors receive a number of enquiries from clients regarding agreements for lending monies. This a brief summary with some useful tips what documents and things you should consider when lending money to someone else (be it a family member, partner or a business to business). Should […]

The insolvency Service have now released new statistics for Company Insolvencies in England and Wales for Quarter Three of 2019 (July 2019 to October 2019) on 30 October 2019. Insolvency Statistics for Quarter 3 of 2019   The report reveals some interesting statistics: total company insolvencies increased in Q3 2019 compared with Q2 2019 Increase in […]

So, you are a small business and are owed £5,000 for unpaid invoices by a supplier. But you have received no response or any payment. Would sending a statutory demand be a useful tool for you to use to collect the debt? The Process A Statutory Demand is a formal demand for payment to be […]

The Small Business Commissioner’s Office The Office was set up by the government in December 2017 and the current Small Business Commissioner is Paul Uppal. As stated on their website it was set up to “ensure fair payment practices for Britain’s small businesses, and support them in resolving their payment disputes with larger businesses and […]

Late payment facts • £2.5bn lost to economy annually • Average small business owed £24,841 • Causes 50,000 businesses to fold each year • End to late payments could create 3.4m jobs The Prompt Payment Code (“PPC”) is a voluntary scheme to standardise payment terms between businesses. Under the scheme Businesses send their payment records […]

The Insolvency Service has now released new statistics for Company Insolvencies in England and Wales for Quarter Two of 2019 (April 2019 to June 2019) on 30 July 2019. The report reveals some interesting statistics: There were 4,321 total underlying company insolvencies in Q2 2019; this is 2.6% higher than in Q1 2019. Compulsory Liquidations […]

We at the Debt Collection Centre are experts in recovering unpaid invoices for recruiters and/ or employment agencies including recovery of disputed invoices. We are instructed by an international recruiter so we have industry knowledge of the recruitment business unlike the majority of Debt Collection Agencies and solicitors. We also understand a recruiter’s need to […]

If you have been granted an Order for Possession against your tenant you sometimes have a judgment included for the money arrears. You are able to use this to take enforcement action (detailed below) against the debtor to recover the judgment sum. We have contacts with tracing agents who can attempt to locate a new […]

In recent months, there is a concern for most businesses that clients/ customers or suppliers may enter into financial difficulties without paying your invoices. Over the weekend we have seen headlines in the news of the airline FlyBMI entering into Administration. Here is our step by step advice on what you can do to prevent […]

The insolvency Service releases new statistics for Insolvencies in England and Wales for quarter 1 of 2019 ( January 2019 to March 2019) on 30 April 2019. The link to access the full report is here. The report reveals some interesting statistics: Total underlying company insolvencies increased in Q1 2019. There were 4,187 total underlying […]

As we approach the end of January, the tax deadline looms for businesses. For many SMEs this means more pressure, not only on their time but their cash flow. Even the most prepared businesses can find it a struggle to pull together their funds to make payment on their account for the tax year. But […]

This week’s news has been flooded with reports about the collapse of Carillion and the impact that this is going to have on its supply chain, many of which are SMEs. In response, a trio of banks have launched emergency funds to support smaller businesses which have been affected. HSBC, Lloyds and RBS have agreed to provide a total […]

Many of us make new year’s resolutions to help us achieve personal goals, but if you’re a business owner, now’s also the time to review your company’s strengths and weaknesses. One area which is likely to have room for improvement is debt recovery. Late payments can affect companies of all sizes but SMEs are often […]

The Federation of Master Builders (FMB) has revealed that a quarter of SME construction firms have to wait for more than four months for payment from a client or large contractor and less than one third are always paid within 30 days. This is having a detrimental impact on these businesses causing 30 per cent […]

Yesterday the Bank of England announced the first interest rate rise in 10 years. The rate has increased from 0.25% to 0.5% with Mark Carney the Governor of the Bank of England hinting that further interest rate rises are on the cards, albeit they should be done gradually. An increase in the interest rate will […]

If you’ve obtained a CCJ against a company or individual but they still haven’t paid, the next step is enforcement action. There is a variety of options available dependent on your circumstances, including: Warrant of execution (County Court Bailiff) – this is for debts below £5,000. The County Court sends Bailiffs to the debtor’s address […]

With average levels of bad debt rising at small firms, it’s vital that business owners take steps to help minimise the risk of late payments and recover money more quickly should they need to do so. Some simple measures – or what we call the 4Ps – can make a big difference: 1. Prevention – […]

Businesses that need to recover an outstanding debt should take note of new rules that come into force on 1st October 2017. The Pre-Action Protocol applies to all businesses, including sole traders and public bodies, which are trying to recover debt from an individual, so explicitly excludes business-to-business debts unless both businesses are sole traders. […]

From 26 June 2017, as part of the implementation of the EU Fourth Money Laundering Directive, the Persons of Significant Control (“PSC”) regime will be updated. All companies and LLPs who are obliged to keep a PSC Register (following the introduction of the PSC regime on 6 April 2016) are affected by the change. This […]

Robert Edge, our specialist debt recovery lawyer, has been appointed Chairman of the London branch of the Chartered Institute of Credit Management (CICM). Founded more than 75 years ago, the CICM is the world’s largest recognised professional body for the credit management community. It provides members with support, resources and career development as well as […]

Recent research from the Federation of Small Businesses (FSB) has put the spotlight on the UK’s poor payments culture, which it says costs the UK economy £2.5bn each year and forces 50,000 small firms under. The FSB has suggested a number of measures to help tackle the problem, but the issue of late payments for […]

Time is rapidly running out for any insolvency professional who wants to pursue claims under the Insolvency Act using the popular combination of an After-The-Event (ATE) insurance policy and Conditional Fee Agreement (CFA) and benefit from recoverable costs. An ATE insurance policy enables litigation without exposure to the risk of paying the other party’s costs […]

On an almost daily basis we here at The Debt Collection Centre (TDCC) see Debtor’s trying to dispute that an invoice is due although no complaint or dissatisfaction has ever been expressed until they have received a letter from us requesting immediate payment. As most businesses know, and as solicitors ourselves we agree, the litigation […]

Here at The Debt Collection Centre (TDCC) we know that properly drafted terms and conditions are not only important but can bolster your negotiating position in the event that your invoices are unpaid or are disputed. If a Debtor does not pay and you are forced to issue Court proceedings your terms and conditions can […]

At The Debt Collection Centre (#tdcc) we know the time and effort it takes to cultivate and build relationships with customers and clients. No matter how good the service and/or goods are that you supply a longstanding relationship can be lost in a matter of minutes if for example a request for payment is seen […]

All too often customers do not make payment on time meaning you have to spend valuable time chasing. We can do that for you. The quantity of overdue invoices continues to have a negative effect on UK businesses and the economy as a whole. According to Natwest last year one in five businesses was owed […]

The Debt Collection Centre (#tdcc) can only reiterate that the economy shows signs of improvement following the thoughts of Phillip Sykes, president of R3, the insolvency trade body, in respect of the quarterly insolvency statistics (for July-September 2015) published by the Insolvency Service on 29 October 2015; Personal insolvencies “Personal insolvencies have generally been falling […]

The Debt Collection Centre (#tdcc) comments that it is good to see both company and personal insolvency continues to decline as per the statistics release from the Insolvency Service. The number of company insolvencies in England and Wales continued to decrease. This decrease was mainly driven by a decrease in compulsory liquidations, which fell to […]

On 1 October 2015, the minimum debt for which a creditor could issue bankruptcy proceedings against a debtor was raised from £750 to £5,000. The £750 threshold was fixed in 1986 and did not move with inflation which would have seen it rise to approximately £1,700. Whilst it has been acknowledged for some time now […]

Since 2002 it has been a statutory right for suppliers to charge interest on overdue invoices at the rate of 8% above a reference rate based on the Bank of England base rate, together with a late payment fee. Since 2013 the rules were updated meaning you can also now claim ‘reasonable’ recovery costs from […]