Debt recovery - the law is an asset

Article Abstract:

Debt recovery already keeps the British legal system very busy indeed and it is important that a specialist solicitor is consulted to get the best results. There is a choice of courts but, because the enforcement of the judgement of the High Court is much more effective than others, debts over 600 pounds sterling are best pursued there. The disadvantage of use of the high court is that the costs can be high and could make significant inroads into the final amount recovered. An examination of the procedures illustrates the desirability of a good credit control system to avoid recovery in the first place.

Debt

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In your best interest

Article Abstract:

The UK government has introduced legislation to help small businesses who suffer due to late payments from large customers. Small firms may claim interest on late payments by large commercial or public sector operations at 8% more than the current base rate. However, small firms do not have to charge this interest, and those who are fearful of losing business may choose not to do so. The legislation also does not override any contractual terms, so one large customer who refused to do business with suppliers who would not accept its terms for late payments was acting legally.

Finance, Small business, Payment

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Debt recovery using the High Court

Article Abstract:

Bringing a debt recovery action in the High Court can be a long, costly and complicated process and most cases require the services of a solicitor. To begin action, a completed Writ is delivered to the court office, giving details of the claim. Debtors have 14 days to acknowledge receipt of the Writ and to decide whether they wish to defend the action. In most cases, actions are settled at an early stage, but the matter could go to trial and judgement.

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