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Post-Covid World: Debt Recovery (Webinar Event)

This 60 minute webinar will take place at 10am on Tuesday 26th April 2022.

The session will focus on tips to ensure that your invoices are paid and some steps you can take to protect yourself and to recover outstanding debts.

The main topics that we plan to cover are:

  • Impact of Covid-19
  • Debt collection checklist
  • Pre-Court procedures – What you can do
  • Going legal – what are your options
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SME debt is a ticking time bomb

Pat Haver

Pat Haver

Recent independent studies undertaken by the Legal Services Board and Xero convey a worrying and consistent theme that SME debt is a ticking time bomb.

UK SMEs are losing more than £40 Billion per year through disputes and have £131 Billion tied up in late payments. YouGov has reported that 82% of SMEs currently have outstanding balances with each firm owed an average £62,957.00.

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Don’t Let Your Debtors Lock You Down! November 2020 Update

Andrew Koffman

10 tips for reviewing and implementing your credit control procedures: Revisited

The impact of COVID-19 on businesses continues to be severe, as recent statistics show.

In the UK as a whole the most recent ONS statistics show that nearly 30% of businesses, which have not closed permanently, continue to regard themselves as at moderate or severe risk of insolvency.

 

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Don’t Let Your Debtors Lock You Down!

Andrew Koffman

Reviewing and implementing your credit control procedures

COVID-19 and the resulting lockdown are having a huge impact on the cashflow of most businesses.  25% of UK businesses have temporarily closed down; 38% of businesses still in operation have reported substantially lower turnover; and 36% of firms have 3 months or less of cash reserves left.

Inevitably this pressure on businesses is set to continue but there is also an opportunity for SMEs to improve your cash position by good housekeeping.  The Government is encouraging a culture of forbearance between businesses at present but this should not require you to take an excessively lenient approach to recovering debts that are rightfully due.

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Debt recovery: Range of fixed fees

Charges from 1st July 2022

 

Stage 1 – Pre litigation: Letter Before Action

Debtor is an individual: Protocol Claim £30.00+VAT
Debtor is a Limited Company or Partnership (LLP): Non-Protocol Claim £25.00+VAT

This includes taking instructions, preparing and issuing letter by 1st Class post.

The debtor will be advised to send any payments and communication to you directly.

Should you require us to enter into discussion or correspond with the debtor this would be carried out at a standard additional fixed fee of £30.00+VAT per item.

A fee of £10.00+VAT is chargeable for transferring each debtor payment received by us to you.

 

Stage 2 – Issue of Claim

stage2

*Both the Court fee and part of Bermans fee (as shown in brackets) are recoverable if successful

Should the debtor file a defence then this will be referred to one of our lawyers who will advise you accordingly.  Any work carried out at this point will be chargeable at an hourly rate, as detailed later in this document.

 

Stage 3 – Obtain Judgment

stage3

*Part of Bermans fee (as shown in brackets) is recoverable if successful

The £ value range given above is dependent on the type of Judgment being requested:

  • In default of Acknowledgement of Service
  • In default of Defence
  • On Admission and acceptance of offer
  • On Admission and rejection of offer

 

Stage 4 – Enforcement

Writ of Control (enforcement via HCEO)

stage4

*Both the Court fee and part of Bermans fee (as shown in brackets) are recoverable if successful

Should enforcement be unsuccessful the HCEO will charge an abortive fee of £75.00+VAT.

Costings for other forms of Enforcement are available on request (as below):

  • Attachment of Earnings
  • Charging Order
  • Statutory Demand (based on a money Judgment)
  • Bankruptcy Petition
  • Winding up Petition

Contact:

crdlpool@bermans.co.uk

 

 

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