Against a background of government reforms in Courts and Tribunals, the Ministry of Justice aims to ensure that the process of debt recovery strikes a balance, between the legitimate right of an individual or business to pursue a money claim, and the right of a debtor, to know of any claim against them and have the opportunity to defend that claim.
Small businesses are due to benefit from new regulations introduced this month that require larger companies to publish information about how long they take to pay their suppliers. Brian Kirby, Head of Debt Recovery, reviews the regulations here and further explains how small businesses can help reclaim debts if there are payments outstanding.
The Taking Control of Goods Regulations, part of the Tribunals, Courts and Enforcement Act 2007, came into effect on 6th April 2014. The aim of these regulations was to bring conformity and clarity to the various forms of debt enforcement.
If a client of yours is refusing to pay an outstanding bill, the financial implications to your business are obvious, but there’s also the cost of spending time attempting to recover the debt, as well as disruption to any future engagement or projects....
A new Pre Action Protocol for Debt Claims (The Debt Protocol) is likely to be introduced by Spring 2015, following on from Lord Justice Jackson’s recommendation that a new specific pre action protocol should be introduced. Brian Kirby, Head of Debt Recovery, explains what these changes mean if your business is claiming payment of a debt from an individual.
Brian Kirby, Head of our Debt Recovery Team, considers whether there is a limitation period for enforcing a money judgment, and reviews recent cases to support the law.