Business Debts & Covid-19

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Article

21 May, 2020

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, yet businesses are unsure as to whether to pursue customers in light of the current circumstances.

Should I be collecting debts right now?

If you are owed money by a customer, you should not be deterred from taking action. Debt recovery services remain operational and you are still well within your rights to pursue the money owed to you. At such an uncertain time for businesses, it is imperative that you keep on top of your debtors.

It is understandable however that some businesses do not wish to issue formal legal proceedings at the moment, and therefore you may wish to come to an instalment arrangement with a debtor. In these circumstances, it is vital that such agreements are recorded and documented properly; this is to ensure that any forbearance offered by your business is properly supported and protected in the long-term.

Ultimately, you want to ensure that your interests are protected, and you should put measures in place to recover your debts as quickly and easily as possible.

How can Forbes Collect help?

Forbes Collect remain fully operational during this time and continue to offer a range of debt recovery services to suit your business needs. We can initially contact debtors by 'Letter Before Action' which will enable the debtors to respond within a certain timeframe, and we will continue to consult you throughout the process to gain your instructions as to how you wish to proceed - it is always at your discretion.

Regardless of how you wish to pursue your debts, please get in touch to discuss how we can help during this difficult time.

For more information contact Annabel Kelly in our Forbes Collect department via email or phone on 0333 207 0702. Alternatively send any question through to Forbes Solicitors via our online Contact Form.

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