Debt Recovery during the COVID-19 pandemic
- AuthorLayla Safieh
The management of cash flow is imperative to ensure the successful operation of every company/business, regardless of its size.
Talbots Law’s Debt Recovery and Dispute Resolution team have been extremely busy over the past few months both in acting on behalf of debtors in defending county court actions against them and in acting on behalf of creditors in bringing claims against debtors.
Knowing what practical options are available and applying the right legal action and debt recovery methods at the right time is now more important than ever to ensure a healthy cash flow is maintained for your company and business.
If your invoices remain outstanding it is important to act quickly - we are able to send a Letter before Action (LBA) requesting the payment in full is made within 14 days. This can open the lines of communication and establish which of your business’s clients are truly in difficulty and which ones may be taking advantage of the current climate to avoid payment.
If the debtor fails to respond or pay following the LBA, the next step would be usually to issue proceedings at Court and seek to enforce the debt in the most appropriate way. It is important to remember that whilst legislation is in place to prevent the winding up of a company and the presentation of a statutory demand, this does not prevent you from issuing proceedings at Court against the debtor for recovery of the monies owed.
For more information, please email solicitor Layla Safieh, or call her on 01384 247982. You can also call our team on 0800 118 1500 to find out how we can help you today.