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 mem…

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 i…

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 resolv…

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. U…

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% high…

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 Collect…

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…

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…

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…

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 …

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 s…

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 3…

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 interes…

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 Coun…

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 busines…