The Registry Trust, the agency responsible for recording judgment information, has reported sharp increases in both English business and consumer debt. Indeed, so far as consumer debt is concerned, the amount of consumer debt is the highest since current records, dating back to Q1 2005, began.
Stephen Cowan, Managing Director of Yuill + Kyle, is chairing this timely conference at BT Murrayfield which will provide delegates with a thorough examination of current issues.
Join us at our debt recovery seminar where Stephen Cowan, Managing Director of Yuill+Kyle, will explain the techniques that all business can apply to improve their cash flow and become more profitable.
This is a dynamic time to be working as a practitioner in debt recovery – the new simple procedure has been in place for some time, and the Accountant in Bankruptcy has published its proposals on how to enhance and improve the Debt Arrangement Scheme. What’s more, the UK’s impending departure from the EU poses complications for existing regimes for debt recovery across jurisdictions.
It has been reported in ‘Scottish Financial News’ that Scots who pay off outstanding debts could continue to be penalised because the authorities are not being informed of payments, the Registry Trust says.
Most creditors are familiar with the Late Payment of Commercial Debts (Interest) Act 1998 which entitles them to interest for late payments and the right to claim reasonable debt recovery costs, unless the supplier has acted unreasonably. In addition to the foregoing creditors can also charge compensation for the recovery of a debt. The Late Payment of Commercial Debts Regulations 2013 provides “If the reasonable costs of the supplier in recovering the debt are not met by the fixed sum, the supplier shall be entitled to a sum equivalent to the difference between the fixed sum and those costs”.
Just to remind you that because the English debt pre-action protocols do not apply to Scotland you may find it quicker to commence litigation against Scottish debtors by instructing us direct.
As well as saving time – we can institute proceedings immediately – you can save money too! This is because the equivalent to English issues fees (we call them warrant dues) will be no greater than £120.00. For actions less than £5,000 they are lower than this.
And if you instruct Yuill + Kyle you can also ‘plug in’ to the ‘Scottish Judgment Centre’.
Before embarking on what is an unusual litigation let’s have a little reminder.
The key elements which have to exist for a contract to be binding are that:
the terms of the agreement are certain enough and sufficiently complete for it to be enforceable.
You know the old joke:
Q What is an insolvency practitioner?
A Someone who arrives after the battle and bayonets all the wounded.
Perhaps a little unfair and certainly so when it applies to U.S bankruptcy attorney Patricia Redmond.
Registry Trust has reported the number of debt decrees registered against Scottish businesses reached a record low during the first six months of the year.
There were 1,198 debt decrees registered against Scottish businesses in the first half of 2017, down a third on the previous year and the lowest on record. The total value of business decrees fell 55 percent to £7.6m and the average business decree was worth £6,342.
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