Cashflow is paramount for businesses, difficulties with debt recovery and collection hugely impact cashflow. Consequently, fast and effective action, including legal debt recovery, is often key.
You may well have already attempted business debt recovery in house or via a debt recovery or collection agency and as a last resort, you now need legal assistance.
The key to maximising chances of recovery is to act quickly and intelligently. Following the right roadmap helps decide whether to pursue a matter through the courts or otherwise. The following steps are a useful starting point :-
Involving solicitors at an early stage is recommended and can be very cost effective because many debts are paid quickly after receipt by a debtor of a solicitor debt collection letter. The debtor recognises that you mean business, often a critical factor in successful recovery. Other benefits may include :-
your claim may not be as legally sound as you think. even with what appears to be a straightforward debt recovery matter, you may not be legally entitled to recover the amount you think you are entitled. You may not have had the right to terminate the contract, you may have in some way altered the contract and/or you may not have fully or at all mitigated your loss.
If you need legal advice on a business debt issue please do get in contact. We are especially convenient if you are based in London but also advise many businesses in the UK and internationally.