Invoice overdue?

The consequences of late payment of invoices to SMEs can have significant effects on a companies’ ability to trade effectively. After all cash is king. Recent research by electronic invoicing network, Tungsten, revealed from a poll of 1,000 business owners, 23% reported a brush with insolvency due to unpaid invoices. ...

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How to enforce payment of a successful tribunal claim

Winning a compensation claim at a land or employment tribunal is not always the end of the story. What should you do if the other party simply refuses to pay? In this situation you can have the award transferred to the County Court for enforcement. The process is relatively straightforward ...

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New rules on the horizon for personal debt recovery

The Government has been consulting on new regulations for businesses claiming debt payments from individuals, including sole traders. Here is an indication of how the regulations may look. In summary, the draft legislation lays out a new pre-action protocol designed to encourage both parties to settle matters as collaboratively as ...

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You have a Judgment in your favour. What next?

If the Court has found in your favour, the debtor should pay up, but this is not always the end of the story and you may have to take further action to ‘enforce’ the Judgment through the Courts in order to get paid. There are various options open to you, ...

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Using County Court Judgments to get a debt paid

Often you can solve a late payment with a phone call or letter to the customer, but if you are getting nowhere, then the threat of a County Court Judgment (CCJ) provides an altogether bigger ‘stick’. You can read about obtaining a County Court Judgment here. For the debtor the ...

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Recovering a debt: what are the options?

Your best option is to treat debt recovery as an investment. Can the debtor pay? Do they have assets? How likely are you to recover the amount owing, together with the costs of chasing the debt? It is important to stay in control, take a strategic approach and manage the ...

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Verisona Law

A quick guide to charging late payment interest

Late payments are a problem for many businesses, eating into profits. If another business pays you late you are entitled to charge them interest and debt recovery costs. Many will see this as a nuclear option that will damage trading relationships, but you can use the legislation as a subtle ...

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