This week, it was reported that FlyBMI, an airline operating across Europe until it’s collapse in early 2019, owed up to £37 million at the time of its closure. The debt was outstanding to passengers, suppliers and airports around the world, and administrators estimate that those who have lost out may only receive 1% of their claims – a frankly shocking fact.
With factors such as Brexit contributing to economic uncertainty, the risks of a business falling in to debt are real; but how realistic is it to expect your money back, should a business be indebted to you? Holmes & Hills debt recovery solicitors can advise on debt recovery.
If your business is owed money, you will undoubtedly be looking at a way to recover this. Whether this is debt from late payment of invoices, or debt which is disputed, Holmes & Hills debt recovery solicitors can assist by providing a tailored approach to suit your organisation. By approaching your debtor in a formal, legal style that cannot be ignored, the litigation team can reduce the bad debt written off by your business and consequently, improve cash flow.
There are three stages of debt collection:
Stage 1: Involves a solicitor’s letter and chasing call to your debtor, threatening legal action.
Stage 2: If stage 1 is not successful, stage 2 will issue a County Court claim or statutory demand against your debtor.
Stage 3: The final stage, a last resort, involves taking enforcement action.
If Holmes & Hills can assist you with debt recovery services, please get in touch today on 01787 275275.
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