Effective and efficient debt recovery is vital to the continuation of any business, even more so in these continued unprecedented times. Businesses need to ensure that they have sufficient cash flow to allow them to continue to weather the storm.
Can I still collect my business debt in lockdown?
Whilst the government has extended its interim ban on repossessions of residential properties and forfeiture of commercial leases and whilst many banks are still 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.
Furthermore, unlike the first two lockdowns, Bailiffs and High Court Enforcement Officers can continue to seize goods including vehicles as long as social distancing can be adhered to.
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 and updates are charged in accordance with our hourly rates.
What if my debtor can’t pay because of the Covid 19 crisis?
If your debtors cannot pay because of financial implications as a result of the Covid 19 crisis, we can liaise with your debtors and agree payment proposals on your behalf, if you so wish.
What happens if payment is still not forthcoming?
We can commence Court or insolvency proceedings on your behalf. Whilst there may be a slight delay Courts are still issuing money claims and insolvency proceedings.