Effective and efficient debt recovery is vital to the continuation of any business, even more so in these unprecedented times. With experts warning that that we may see a financial crisis like no other, businesses need to ensure that they have sufficient cash flow to weather the storm.
Whilst the government has issued an interim ban on repossessions of residential properties, forfeiture of commercial leases, the issuing of statutory demands and winding up petitions, and whilst many banks are offering customers payment holidays, there is nothing stopping a business collecting its debts. The debt recovery process undertaken at mfg Solicitors LLP offers a comprehensive, swift and cost effective service even in these challenges times.
mfg Solicitors LLP offers a dedicated service focussing exclusively on recovering the debt. Our system is designed to assist you and your business to maintain a healthy cash flow and avoid any financial difficulties which may arise as a result of your debtor’s non-payment.
My business/ company is owed a debt – what can I do?
Simply send us a copy of your unpaid invoice(s). We will then be able to send out a formal demand for payment.
How long does the process take?
Recovery of a business debt from a sole trader or individual – 30 days.
Recovery of a business debt from a partnership or company – 7 days.
What are the fees involved?
All of unpaid invoice(s) demand letters are carried out at a fixed fee, depending on the level of debt. They are between £15 and £25 plus VAT.
What happens if there is no response or this does not prompt payment?
On the expiry of a demand letter we can chase a debtor for payment over the telephone. All telephone chasers are charged in accordance with our hourly rates.
What if my debtor can’t pay because of the Covid 19 crisis?
If a debtor cannot pay because of financial implications as a result of the Covid 19 crisis, we can liaise with your debtor and agree payment proposals on your behalf, if you so wish.
What happens if payment is still not forthcoming?
We can commence Court proceedings on your behalf. Whilst there may be a slight delay Courts are still issuing money claims.