Recovering Debts
Getting paid may not sound like rocket science but for many local businesses it is their number one business priority. Sadly often solicitors have been used to aid the recovery process and a business which has battled for weeks or even months to chase a customer who is overdue for payment may find a swift stiff solicitor's letter does the trick.
Anthony Heath, a partner in our Insurance and Commercial Litigation Department, says:
"Not all our clients are aware of new legislation on debts. Since last year all those owed money on a commercial debt can claim interest and collection charges whether any written contract terms say so or not. This statutory interest is currently running at the rate of 12%. We can advise you on how best to recover money which is overdue and how to ensure you receive payment on time. In addition, it is sensible to deal with issues such as payment in all contractual documents and terms and conditions of sale. Having a legal eye cast over such documents from time to time can mean that when it comes to recovering payment, your legal position is much stronger because of the contract terms which are in place."
For further information call Anthony Heath on 0117 9290451 or e-mail aheath@metcalfes.co.uk
This press release summarises the law on issues which we believe may be of interest to your business. It is not a comprehensive review of the subjects and accordingly is published without responsibility for loss occasioned to any person(s) acting or refraining from action as a result of information published