Are your invoices being paid on time? For anyone involved in running a business, the importance of a healthy cash flow cannot be overstated. However, many organisations rely on credit arrangements in their business-to-business relationships, meaning businesses may need to wait several weeks or even months to receive the money they are owed.
Robert Cox a commercial solicitor at JMP solicitors explains that while these outstanding debtors may appear favourable on the balance sheet, they offer little relief to day-to-day operations.
It is a harsh reality that businesses would be naive to expect to recover 100% of the money owed to them through credit agreements on time. Unfortunately, a delay in debtor payments can be more than just inconvenient; it can cripple a business’s cash flow.
If your business is owed money in the course of its operations, you may not only be entitled to recover these through legal proceedings but also to claim enhanced interest and late payment compensation on these outstanding sums. If the outstanding debt is over £10,000, the debtor may additionally be required to pay some of the legal fees incurred in the recovery of these sums.
At JMP Solicitors, we understand that business relationships are crucial, and each circumstance requires a different approach, from a friendly reminder to debtors that payment is due to pursuing the debt through court proceedings and enforcing payment if necessary.
We can assist with helping you recover debt owed to you and recognise that speed is critical when addressing these matters, and we work relentlessly to ensure our clients can operate effectively, minimising any disruption to their business’s cash flow.
If you are having trouble with outstanding debts, please contact Robert for an initial discussion at 01476 565 295 or email [email protected]
How JMP Solicitors Can Help?
If you are having trouble with outstanding debts, please contact Robert for an initial discussion at 01476 565 295 or email [email protected]
