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Subscribe to this list via RSS Blog posts tagged in Debt Recovery

Tennis legend Boris Becker, who won the first of 3 men’s singles at Wimbledon in 1985 at the tender age of 17 and who earned $25m in a successful 22 year playing career, is taking a somewhat unconventional approach in trying to avoid bankruptcy proceedings in the UK Courts. The popular ex-player turned TV pundit was declared bankrupt in June 2017, owing bankers Arbuthnot Latham & Co an undisclosed sum of money.

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It’s an unfortunate fact of business life that at some point, you may need to take formal legal action to recover monies owed to you or your business. There are two main approaches to collecting such debts; direct legal action through the courts, or appointing an external debt collection agency.

Electronics payments (i.e. BACS) are now the method of choice for UK SMEs, according to the Close Brothers Business Barometer.

The quarterly study, which gathers opinions from owners/managers across the UK and Ireland, shows that sixty five per cent (65%) of SMEs have stopped using cheques in the last five years; instead making use of electronic payment methods.

Insolvency body, R3's Business Distress Index, shows that 24 per cent of businesses are 'distressed' – which is a record low.

According to a recent study undertaken by BDRC Continental on behalf of R3 - the UK's insolvency trade body – since January 2015, businesses across the nation have had to deal with approximately 16 per cent of their issued invoices being paid late, while 50 per cent of UK-based enterprises have had invoices paid late over the same period.

This trend is concerning signed a separate R3 study showed that late payment is a major contributory factor when it comes to the number of corporate insolvencies.

Following a Downing Street summit on UK payment practices, the Government has recently revealed new proposals, which are aimed at helping businesses across the country tackle the issue of unfair payment terms and other unfair payment practices

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Latest News

  • Following recent Supreme Court rulings in two professional negligence cases, the Court has outlined a “wholly new legal roadmap” for professional negligence claims made in England and Wales. As a result, the Professional Negligence Lawyers Association (PNLA) have said that existing claims will now need to be reviewed, stating that “for many there could be a substantial impact on the likely chances of success and the assessment of financial loss”.The cases in question are Khan v Meadows [2021] and Manchester Building Society v Grant Thornton UK LLP [2021]. The first case centred on whether a medical expert, who failed to diagnose that a mother carried the haemophilia gene, was liable for the costs associated with her son’s autism as well as his haemophilia, whilst the second case concerned whether accountants Grant Thornton were liable for the costs of a building society... Read More

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