DEBT COLLECTION
Imperial Law offers a low cost debt recovery service to any business having difficulty getting their customers to pay their debts. We endeavour in each case to avoid litigation but if this course of action is not successful then we can start legal proceedings to help you recover your debts.
We offer a fixed rate debt recovery service on a stage-by-stage basis in all undisputed invoice debts. Our systems ensure that we can provide a simple, effective and rapid debt recovery service.
Our objective is to add real value to your business and to this end we will provide you with honest advice on your prospects of success, and whether it is worth pursuing the debtor.
It is important that you have clear debt collection procedures to reduce risk of late payment such as clear terms and conditions of business, carrying out credit checks and collecting bank and trade references. This will help you to determine the credit worthiness of new customers and the level of risk they present to the business. Imperial Law can review your existing credit control procedures to ensure they are stringent so that your debts can be collected promptly when payment problems occur, as otherwise this could affect your cash flow, lead to reduce profits and waste valuable staff time chasing later payers.
Letter Before Action
Once you instruct us we will send out a Letter Before Action to the debtor with a demand for payment within a prescribed time, and notify them that if they fail to pay, this will result in legal proceedings against them to recover the debt.
This cause of action may well encourage the debtor to settle the outstanding debt to avoid court action and incur additional costs. The debtor’s will be informed of our right to claim contractual or statutory interest and compensation under the Late Payment of Commercial Debts Act (Interest) 1998.
Legal Proceedings
If the debt is not settled in full we can commence legal proceedings at a fixed rate upon your instructions at the County Court or High Court (depending upon amount of debt) to recover the money owed to you.
The firm has a number of other tools available to assist you recover your debts including serving statutory demands and issuing bankruptcy or insolvency proceedings.
