Contact our debt recovery specialists. Call 0141 331 2332
“No Mean City” is a 1935 novel. Describing life in Glasgow’s Gorbal’s district and the razor gangs, it painted a grim picture of violence and deprivation. It took generations for the city to lose this image, and today the Gorbals is now quite a trendy area with upmarket flats, restaurants and a theatre area.
But does Glasgow still deserve the “no mean city” epithet? Thousands of women employed by the city council will say that it does. And why should this be so?
The National Trust for Scotland (NTS) has experienced significant difficulty in their finance teams, with many of their suppliers waiting on payments for months.
One such supplier has now engaged the services of a debt collection agency to recover payment, saying that he is owed thousands by the charity and has waited many months for payment.
Official figures have shown that many more Scots have been declared insolvent this year compared to last year. Personal insolvencies have risen over the previous four years, with a total of 12,788 people facing bankruptcy or protected trust deeds (PTD) in 2018/2019. This was up by thousands compared to 10,602 people going bankrupt in the previous year.
There has been an 18.6 per cent rise in PTDs, which are formal, voluntary arrangements to transfer a person’s estate to creditors. However, traditional bankruptcies have actually fallen by 5.1 per cent.
“Vulnerable Debtor” is a phrase with which many in consumer debt recovery are familiar. Basically, it is a phrase which should alert a creditor to be cautious when attempting collection from a debtor who is “vulnerable”. Debtor vulnerability can take many forms and can display itself as a physical illness or where the debtor has psychological problems - often stress-related.
We are indeed indebted to Private Eye (no 1497) for drawing our attention to the latest Chinese concept for civil enforcement against defaulting debtors.
Late payments are a serious problem for Scottish and UK businesses. Research by accounting software company FreeAgent shows that two in five invoices issued by small companies were settled late in 2018. Free Agent used data from its 80,000-strong customer base to analyse late payment issues.
The Government have taken steps to tackle the late payment crisis, but there are a number of steps small businesses can take to mitigate the risk of late payment, which we have listed below.
The boss of the Association of British Insurers, Mark Shepherd, has said that the number of insurance claims made so far this year has reached its highest level in ten years. What has brought this on?
Small businesses are particularly at risk when it comes to unpaid debts. Even just a couple of late payments could put your business in a difficult situation, and as a result, it is essential that you take an active role in debt recovery. The process of debt recovery can be challenging and time-consuming, but unfortunately, for small businesses, a vital part of succeeding. While larger companies can afford to swallow losses, SMEs often simply do not have the money to ensure proper cash flow while carrying even smaller amounts of unpaid debt.
What is Phoenixing?
Consider the following scenario:
Joe Lollipop Limited has been trading for a number of years from 5 Glebe Street, Glasgow. This is also the company’s registered office.
A new report published by KPMG shows that one-in-ten Scottish firms show "zombie-like symptoms". But what does this mean and are 'zombie' firms a risk to other businesses?
The recent study by KPMG showed that 9% of the 1100 firms analysed in Scotland were under financial pressure. These so-called zombie firms suffered several difficulties, including static turnover, a decline in turnover, tight margins, limited ability to invest and high levels of debt. This figure was the highest of all UK nations.
Testimonials
Yuill + Kyle are an extremely focused firm who are achieving great results for us north of the border. Their client-focused staff keep us 'in the loop' so we are able to make timely decisions, helping us to recover more of our money.
I would not hesitate to recommend Yuill + Kyle's services to other business colleagues. I recently sent Yuill + Kyle's pre-sue letter to 2 debtors. Within 2 days of Yuill + Kyle sending these letters one of the debtors paid his £560 and the other his £750, all for the fee of a 7 day letter!
I instructed Yuill & Kyle to send a pre-sue letter to my debtor. This resulted in the debtor paying their outstanding £2750. We also received a letter of apology from them!! Great result!!
I have to say that Yuill + Kyle have represented my best experience to date with solicitors, and although I was unable to take this matter further on this occasion I would have no hesitation in using you again or recommending you to others.
I would really like to recommend your services to everyone considering litigation. Your online service is fast, efficient and easy to use. We found that your costs are simply unbeatable for pre-litigation and I feel sure that when we require legal support, Yuill + Kyle will be our first choice.
Yuill + Kyle successfully recovered £19,000 for our client. We were delighted with their professionalism and fully intend to use them again in the future.
"Stephen Cowan displays calm equanimity in the face of challenging, complex and often adversarial situations, and responds quickly and professionally."
Contact our debt recovery specialists.Call 0141 331 2332
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