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New debt recovery rules

Don't Let Debtors Off The Hook At Christmas, Warn Debt Recovery Solicitors12th Dec 2018

by on 12th Dec 2018


Don’t let debtors use Christmas as an excuse to delay payment, warn debt recovery solicitors Coles Miller.debt recovery manager Eric Holt

Many firms will close down for two weeks from December 21, particularly industrial and construction companies.

But the festive season does not absolve them of their responsibility to pay up promptly – and they should not be allowed to string out any overdue payments still further.

Coles Miller Debt Recovery Manager Eric Holt said: “Don’t let them get away with it just because it’s Christmas.

“Every day matters because the longer the debtors leave it, the less likely you are to be paid,” he added.

Courts will still be operational for much of the Christmas period so judgments can still be obtained and enforced.

But for debt recovery to be as swift as possible, creditors must be certain that they have correctly identified the debtor they are pursuing.

That means creditors should be precise about whether they are invoicing an individual, a partnership, a limited liability partnership or a company.

It also means creditors should be certain of the exact name of the legal entity they are chasing for payment: sometimes debtors can hide behind a web of similarly named companies in an attempt to avoid or delay payment.

Mr Holt advises always researching companies and individuals thoroughly before doing business with them: “Fortunately, this is much easier now thanks to the Internet.”

Debt recovery services carried out by Coles Miller include building disputes and rent arrears, sending letters before action, issuing court proceedings, issuing and serving statutory demands and tracing debtors.

For more information, please contact Coles Miller Debt Recovery Manager Eric Holt, 01202 338844.

This document is not intended to constitute and should not be used as a substitute for legal advice on any specific matter. No liability for the accuracy of the content of this document, or the consequences of relying on it, is assumed by the author. If you seek further information, please contact Managing Partner Neil Andrews at Coles Miller Solicitors LLP.