Archived Legal Articles from 2020

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Forbes Collect

October

Debt Recovery: Case Study

26/10/20

Below is an example of a recent Forbes Collect matter in which a debtor refused to make payment initially, and then we went on to make a full recovery for our client including additional interest and costs. Background We were recently instructed by a company who had provided professional…

Debt Recovery: Simplified

26/10/20

The prospect of recovering a debt can be daunting if you are unsure as to what this may entail. Below we offer an overview of the usual stages of debt recovery, from Pre-Litigation to Enforcement. · Pre-Litigation Letter Before Action (LBA) The first step we will take…

Navigating through COVID-19 and Late Payment

16/10/20

The announcement of a national lockdown on 23rd March 2020 caused much uncertainty and chaos for many of the businesses within the United Kingdom. It has now been months of worry and despite the UK Governments attempts to navigate the country through the pandemic and help our businesses along the way,…

Credit Control and the Increase of Unpaid Invoices

16/10/20

The increase of unpaid invoices has no doubt had an impact on the workload of those within credit control. As the department gets busier, you should have an effective credit management system and procedures in place to ensure that you are keeping on top of the status of all outstanding invoices and the…

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August

The Late Payment Plague

28/08/20

Recent research by accountancy firm Moore has shown that the average waiting time for payment of supplier invoices is 41 days, the same as it was in 2015. Staggeringly, over 17,000 businesses involved in the study are having to wait 90 days or longer to receive payment of money that they are owed.…

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June

Retail closures causing thousands of job losses - don't wait to chase debts!

11/06/20

Over 3,600 UK jobs have been claimed by the coronavirus pandemic, the Restaurant Group, which owns Frankie and Benny's, Monsoon Accessorize and Quiz have recently announced major restructures. Additionally, popular business names such as Debenhams, Rolls-Royce, British Airways and EasyJet have…

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May

Business Debts & Covid-19

21/05/20

Across the UK, businesses from all sectors are facing an unprecedented challenge because of the Coronavirus pandemic, and despite the government's extensive support package for businesses, many are still struggling with the shortage of cash-flow. One major contributor to this will be unpaid invoices…

The rise in unpaid invoices - Is coronavirus to blame?

18/05/20

Recent times have seen unpaid invoices increase by 23% since lockdown measures were announced by the UK Government, following an analysis of 26 million business to business invoices by AI platform provider, Sidetrade . The impact of COVID-19 is certainly a contributing factor to the increase, but…

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March

Businesses Must Prioritise Credit Control

19/03/20

Bad cashflow remains the key risks to businesses. The Insolvency Service has recently reported that in 2019, underlying company insolvencies have escalated to their highest annual level since 2013. This increase has been driven by an increase in Administrations and Creditors' Voluntary…

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