Debt Recovery

Can you collect debts that are more than 6 years old?

The limitation period for collection of debts is 6 years from the date the debt became payable and after that time they may become statute barred.  This means that the debt is no longer recoverable, including by legal action in the courts. Whilst the debt might not be recoverable through the Court, we can still send the debtor a letter to try to collect these amounts owed to you on your behalf.  

Enforcement of a Judgment – a brief overview of the options available

Obtaining a County Court Judgment may be just the tip of the iceberg when seeking recovery of what is owed to you. Throughout this article, we will provide you with a synopsis of the potential options available to you when considering the enforcement of a Judgment.

Bankruptcy and Winding up Petitions

Following our recent article on Enforcement of a Judgment, Insolvency proceedings can also be useful tool to enforce a Judgment. Throughout this article, we briefly explore both bankruptcy and winding up petitions as a way to enforce an unpaid Judgment, as well as an effective mechanism for obtaining payment on an undisputed debt.

Minimise debtor days with effective credit control

Every business knows that cash is king. The best way to monitor cash flow is with effective credit control.
To ensure you get paid for your services and reduce debtor days you must take a positive approach to credit control and minimise the risks of debts becoming overdue. Establish a procedure for credit control, in accordance with your T&Cs and follow it.

Are you invoicing correctly?

Making sure you are invoicing your customers correctly, plays an important part should the relationship take a turn for the worse, and you find yourselves embroiled in a County Court claim or litigation. Of course, nobody takes on new customers envisaging that the relationship will turn sour, but we have seen cases where clients have invoiced their debtor incorrectly (the invoice addressed to them as an individual, not as a limited company for example). A simple mistake, but this resulted in further costs and time being incurred to amend the claim, costs that were not recoverable!