Are you a SME needing to recover Commercial Debt?

The ancient Babylonians are said to have been the first people to make New Year's resolutions some 4,000 years ago making promises to their gods at the start of each year that they would return borrowed objects and pay their debts. Unfortunately, not everyone is as honorable as the ancient Babylonians especially when it comes to the recovery of commercial debt.

It’s an unfortunate fact that the start of the year can be a hard time for businesses with a double whammy of mounting bills and debtors delaying their payments, but if commercial debts are affecting your business there is a quick and easy solution that does not have to be cost prohibitive.

Late payments have a considerable impact on UK SMEs and the knock on effect of the pandemic has hit them badly. *New research indicates that some businesses are owed on average £21,356 and late payments have risen by 11%.

Pearson Solicitors Commercial Debt Recovery

In previous years the commercial debt recovery team at Pearsons have collectively recovered hundreds of thousands of pounds for their client's businesses.

The team at Pearson can help you recover the money owed speedily and cost efficiently – enabling you to improve cash flow, reduce debt levels and free up your time.

Our specialist legal team have experience collecting outstanding commercial debts for all size and types of businesses, from sole traders to PLCs.

We use a proven combination of letters, telephone calls, court proceedings and common sense to recover payment from your debtors.

“Employing the services of a solicitor to help recoup outstanding debts might seem like another extra cost but unpaid debt represents a significant obstacle in business,” says Pearson Solicitors Director Chris Burke.

“In the last 12 months alone we have worked with companies all over the UK with debts ranging from £300 up to £250,000.

Some companies may only have a few invoices that need chasing and we are more than happy to deal with these. However, for other businesses a bulk debt recovery option is required and we can discuss the options available and work with each and every client on an individual basis,” he added.

In many cases a solicitor's letter before action to the debtor will bring about immediate payment. If however, a debt becomes contested the team can advise you on the various options available.

“Whatever your chosen course of action we will fully advise you beforehand in order to pursue the most commercially sensible route,” adds Chris.

Commercial Debt Recovery Services

We provide advice and updates at each stage of the Debt Recovery process including:

• Tracing debtors / Credit searches
• All activities prior to the issue of Court proceedings including a Letter Before Action
• Court proceedings
• Enforcement
• Winding Up
• Bankruptcy Petitions

Need help with Commercial Debt Recovery

For more information and help with the recovery of commercial debt call 0161 785 3500 or enquiries@pearsonlegal.co.uk

*Research Conducted by Intuit QuickBooks Late Payment Bulletin

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Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.

This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.