For any business, especially in difficult trading conditions, it is very important that you stay in addition to your cash flow. It can be frustrating, time-consuming and frequently expensive to keep chasing individuals and businesses who owe your company cash. Should you enable your debtors to be late on any payments, there may be significant consequences for you personally or your organization.
Our litigation attorneys are located in Glasgow, Shawlands & East KIlbride and concentrate in recovering both industrial and personal debts due Five Tips for Hiring a Debt Recovery or Debt Collection Agency ... to our customers in Scotland -- fast! Our team is led by specialist Litigation attorney and Times Lawyer of the Week Billy Smith.
We act for all kinds of businesses in Scotland and also the most common kinds of debt recovery include invoice retrieval, loans, construction contracts, insolvency situations, customer debts and much more complicated contract disputes.
How do we help you regain debts?
Send us the specifics of your debtors to us FREE OF CHARGE. Using our specialist systems we'll find out for you the prospects of recovery of your debt(s). When the prospects of recovery are all great, we advise you over the most effective paths -- these can comprise, for instance, sending a letter of need, which may provoke the borrower into paying their debt instantly without having to resort to the courts. But, in the majority of instances we litigate. It's as straightforward as that!
After describing your choices and, if we determine that litigation is the ideal path for you, we'd raise a court action from the courts (usually Sheriff Court, though Court of Session in Edinburgh may be right in certain circumstances), seeking immediate repayment of their debt, along with interest on the debt and some other expenses due. In some circumstances involving bigger debts, ancillary steps will be obtained, such as'freezing' cash in the debtor's bank accounts or asking the court to stop the debtor from selling their own house or land until the debt has been repaid.
Recovering Interest on Debt
It may be hard for businesses to handle their cash flow and keep their business operating if they do not take sufficient steps to recoup debt because of them.
If your company is owed cash, you should aim to recover that debt as soon as possible (talk to us). If you pursue a method to recoup your debt, you are eligible to look for interest on the sum to the extent the payment is overdue.
Our Scottish debt recovery solicitors are experts in this region and we will act in your behalf to make certain that you get the most payment owed to you under Scots Law.
In terms of the law in this area of debt recovery, the UK Government has introduced legislation to provide businesses with a statutory right to claim interest on late payment of commercial debt. The amount of interest that may be retrieved is usually calculated at 8% over the base rate, starting 30 days after the debt is expected. The expected date for repayment in respect of services or goods is the later of the date of delivery of those goods or services, or the date on which notice (like in the form of a statement ) was supplied to the buyer of the amount of the debt.
The key point to notice is that if debt is because of your small business and the payment overdue, we'll constantly seek to recover interest on that debt for visit this website you and we value just how significant the retrieval of these sums can be for your company.
Speak to our Debt Recovery Pros in Glasgow, Edinburgh, Illinois Attorney General - Debt Collection Inverness & Aberdeen, Scotland
Based in Glasgow, Shawlands and East Kilbride, we supply our transparent and sensible legal solutions to people across Scotland including individuals from Airdrie, Edinburgh, Motherwell, Bellshill