It goes without saying that one of the greatest bugbears for businesses is getting paid on time. In the past, the Government has helped with legislation. Indeed, the Late Payment of Commercial Debts (Interest) Act 1998 has gone a long way in reducing the length of time in which commercial debt is paid. In the event of late payment, this legislation (along with subsequent EU Directives which have been enshrined into UK law by statutory instrument) allows businesses to claim interest, collection costs and compensation. So, why does the problem persist?
Suppliers use various techniques to protect themselves in the event of a corporate purchaser’s insolvency. This will include retention of title as well as the option of terminating the supply of goods or services in the event of a customer’s insolvency. More often than not, such provisions will be contained in the supplier’s terms and conditions of business which, if correctly incorporated, will govern the party’s contractual relationship.
Currently, £23.4 billion worth of late invoices are owed to small firms across Britain, impacting on businesses’ cash flow and ultimate survival. On 1 October, to address the scourge of late payment, Small Business Minister Paul Scully announced proposals to ensure small businesses in the UK are paid on time.
How can you best enforce judgments made against your debtor(s) to ensure you are paid what you are owed?
In our latest Debt Recovery Masterclass, Stephen Cowan explains the various options available in detail to help you come to a decision on the best course of action for your business.
The immediate effect of the coronavirus pandemic required Yuill + Kyle to move swiftly to working from home. This was successfully achieved thanks to the sterling efforts of MacRoberts’ IT contingent along with the Y+K debt team.
When raising invoices to obtain payment from your clients or customers, it is vital that you know exactly who you are billing, where they are based and how they pay. In our latest Debt Recovery Masterclass, Stephen Cowan looks at the importance of knowing your customer:
In our latest Debt Recovery Masterclass series, Stephen Cowan shares his top 5 tips for chasing payment from customers:
With businesses across the world affected by coronavirus and many sufferering cash flow difficulties, Stephen Cowan will be speaking at ICAS' live webinar on Thursday 17 September, entitled 'Debt management for firms and their clients in a COVID-19 environment'.
Uncontested liquidation petitions do not really “excite”. In fact, they follow a well-trodden path of a petition to the court, prior to which the debtor company’s insolvency will have been established usually following an expired statutory demand for payment or a charge for payment (the first stage of Scottish enforcement) following on from a court’s decree.
Yuill + Kyle's Managing Director, Stephen Cowan, will present a live training session on 6 October 2020, in collaboration with MBL, which will provide an introduction to all aspects of legal debt recovery in Scotland.
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