Bridge McFarlandLLP

Personal
Legal Services
More Information
Bridge McFarland LLP can offer you practical, uncomplicated advice, support & guidance when you need it most. Whether it be an employment dispute, family advice, an accident or negligence, life planning or moving house, let us help you.
Business
Legal Services
More Information
Our commercial team in Lincoln, Hull, Market Rasen and Grimsby prides itself on its sound business sense, commercial insight, local knowledge and first class understanding of the relevant legal disciplines ranging from employment law, business contracts, dispute resolution to agriculture and property development. From company formation to sale, succession, dissolution or dispute resolution, you can trust our team to deliver first class service and results.
Photograph of Rob Ripley
Rob Ripley
Partner
View Profile
Photograph of Lisa Moore
Lisa Moore
Partner
View Profile
Photograph of Ian Sprakes
Ian Sprakes
Partner
View Profile
Photograph of Leanne Keating
Leanne Keating
Partner
View Profile
Photograph of Rob Ripley
Rob Ripley
Partner
View Profile
Photograph of Chris Hubbard
Chris Hubbard
Partner
View Profile
Photograph of Jacqui Johnson
Jacqui Johnson
Partner
View Profile

Debt Recovery Pre Litigation

Most undisputed business to business debts are recovered quickly and cost-effectively.

Home » Business Law » Debt Recovery » Pre-Action for Debt Recovery

In most cases, undisputed debts are recovered without the need for litigation.

The first-step is a same-day letter before action demanding payment. Where necessary, this is followed up by a further letter or telephone calls.

We also:

  • Carry out credit checks on corporate debtors to establish their ability to pay.
  • Calculate and add any interest, late payment compensation and legal costs to which you are entitled.
  • Provide tracing services if the whereabouts of a debtor are unknown.
  • If payment is not made, contact you to discuss next steps.

In some cases we may advice service of a statutory demand for payment. A statutory demand is a pre-cursar to insolvency proceedings (winding-up or bankruptcy).

Late Payment of Commercial Debts

The Late Payment of Commercial Debts (Interest) Act 1998 allows businesses to add interest of at least 8% to the price of goods or services, plus a fixed sum for late payment compensation and reasonable costs of recovering the debt.

The Act applies to most business-to-business contracts, whether or not in writing and cannot be exculded (thought it may be varied).

If the Act applies, the following can be added to a debt:

  • Simple interest at 8% above Bank of England base rate.
  • A fixed sum of £40, £70 or £100, depending on the amount of the debt.
  • Reasonable costs of recovering the debt, less the fixed sum.
How can I help you?
Rob Ripley
Partner

T: 01482 320620

View Profile