As a small business owner, facing delayed payments or defaults from clients can create significant challenges. With economic fluctuations and ongoing market uncertainties, timely payments are more crucial than ever. However, before rushing into legal action, there are several proactive steps that can help reconcile debts and maintain strong business relationships.
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Are you a business owner facing the challenge of getting difficult debtors to pay up, especially when cash flow is tight after the holiday season?
Here are five essential steps to help you navigate unpaid invoices and improve your financial situation:
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You have judgment, but voluntary arrangements have failed, and your debtor is proving difficult and citing that they have no assets. What can you do to exercise that what they tell you is the truth?
An oral examination is a powerful tool you can use once you receive a judgment (CCJ) from the Courts. In this blog post, I'll delve into the essence of oral examinations – a legal process where debtors are summoned to court to shed light on their financial circumstances.
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I have in the past received many requests from prospective clients and/or ongoing clients about taking legal action for something that has a value of £500. Instructing a professional to do it is not cost-effective as you generally throw good money after bad, i.e. a solicitor could cost you around £80 per hour + depending on where you are in the country. It's not only obtaining judgment which is key, but it's also looking at enforcing the debt too.
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Running a small business is rewarding but often comes with its fair share of challenges. One such challenge is dealing with disputes that may arise with customers, suppliers, or even competitors. As a small business owner, you might wonder when initiating legal proceedings is truly cost-effective. In this blog post, we'll delve into the factors you should consider before pursuing legal action, ensuring you make informed and strategic choices for your business.
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