Debts - Is your head in the sand?
Are you or your business owed any debts? Do you have debts you are struggling to pay? With an ever-changing economy, the problem of debt is never far away. There has been a recent focus on how debts are affecting both businesses and individuals.
Large businesses, such as some of the supermarkets, have been criticised for the way they pay their suppliers. Restricted payment terms often mean that smaller businesses are left floundering with a cashflow problem which can lead to insolvency. In addition, recent Government proposals will allow more people to avoid bankruptcy by increasing the limit for Debt Relief Orders from £15,000 to £20,000 and the bankruptcy creditor petition threshold from £750 to £5000.
If you have a problem with debt, you should seek professional advice about your options for coping with debts you owe or recovering outstanding debts. Dealing with debts as soon as possible will lessen the chance of those debts being irrecoverable or otherwise spiral out of control.
Did you know that small businesses can claim interest at a rate of 8% above base as well as compensation for late payment?
Chattertons has a very experienced Dispute Resolution Team who can provide you with expert advice on your debt issues. From commercial debt recovery to advice on personal debt and bankruptcy, we give practical and cost-effective advice.
Visit our Dispute Resolution Team page for more information or to contact a member of our team.