In my previous blog, we explored how delaying creditor payments can strain your business. Equally critical is understanding how late payments from your debtors can impact your cash flow and overall financial health. Addressing this issue is vital to maintaining a stable and thriving business.
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The recently announced Autumn Budget 2024 has highlighted key financial challenges for UK businesses, particularly with the increase in National Insurance (NI) contributions. For many businesses, higher NI costs mean a significant uptick in operational expenses, creating pressure on cash flow and forcing leaders to seek alternative funding sources.
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Tackling legal action in debt recovery can be complex and challenging, but for business owners, it's a crucial tool in retrieving owed funds. This blog will explore the best practices for approaching legal action, providing insights and strategies to maximise success in pursuing unpaid debts.
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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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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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As a debt recovery specialist, I understand the challenges creditors face when attempting to recover outstanding debts. Charging Orders can be a game-changer, providing a legal means to secure debts against a debtor’s property. If you’re ready to enhance your debt recovery strategy, read on and discover the potential of Charging Orders. And remember, I’m here to provide expert advice tailored to your unique situation, so feel free to reach out. The Charging Order Process Initially, an application is submitted to the Courts using a two-pronged process. This usually takes around 6-9 weeks to finalise. Application: As a debt recovery
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Big or small, we could all face that sickening notion when one of our Customers gets pulled into some sort of insolvent triangle. The kind that means you can’t get in to take out what you’re owed. “I’ve gone bust” “We’re shut, go away.” “We have entered into liquidation/administration” “We’re about to go bust, but are setting up a new company” What do most creditors (companies that are owed the money) do? Larger companies may likely just write the debt off. Smaller companies may seek further advice from their accountant. Below is a short guide to understanding the basics when
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There are countless articles out there explaining what you can do when a Debt Collector/High Court Enforcement Officer turns up on your doorstep. (Whether they appear at your front door or at the office.) … but what can you do to avoid them showing up in the first place? This information seems to be very hard to come by. Yet, I can’t understand why anyone would chose to deal with debt collectors if they knew how to avoid them getting involved in the first place. So, I decided to write this guide to try and safeguard you from falling foul
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In last week’s blog I talked about the actions Creditors could take in relation to the Companies Act 2006. This week, I’ll be covering why the CDDA (Company Directors Disqualification Act 1986) was brought into contention, and the restrictions that can be imposed on fraudulent directors. This 2014 article from the Financial Times shows the type of nonfeasance is unlikely to be tolerated. Why the CDDA Thankfully, the vast majority of Directors have a fiduciary duty to act in the best interests of the company that they are representing. The good value that the Shareholders, it’s Staff and the overall
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Over the next couple of weeks I’ll be looking at Creditors rights. What they can do to keep on top of their credit checks and what restrictions are placed on Directors who continue acting without making changes. This week I’ll be exploring what Rights Creditors actually have. For businesses large or small in respect of trying to get their debtors to comply with their needs. … and should these needs be part of a Final Demand Process? Although not widely explored due to the cost of investigating and taking action, Creditors have the facility to issue a warning to the
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