DEBT RECOVERY

Business to Business Debt Collection

Most businesses will suffer with bad debts from time to time, no doubt wasting time and resources chasing payment, more often than not without success. If the debt is not disputed, we may be able to help Free of Charge to you.

We can deal with the majority of business debt collection matters Free of Charge to you, because The Late Payment of Commercial Debts Regulations 2013 allows for the reasonable cost of collection to be added to the debt in the absence of contractual terms otherwise. This is a bespoke service, which includes:

Sanity checking the outstanding invoice/s (incorrect names, addresses etc)
Searches of the debtor to understand financial status/propensity to pay
Strategy advice
Letter Before Action
Communications with debtor
Managing payment/s

In the event the debtor fails to pay, we will advise the type of court action, which is most likely to achieve payment. This service is not available for Business to Consumer matters (see below).

The legislation also provides for compensation and interest at 8% above the Bank of England base rate, all of which we will claim on your behalf, contractual terms (if any) dependant e.g. your contract may contain a greater % rate.

TKN Solicitors’ fee will be added to the debt and collected at the same time. We only receive payment in the event of success. The fee charged relates to work done prior to and/or in anticipation of court proceedings for the recovery of the outstanding debt.