Bridge McFarlandLLP

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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.
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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.
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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
“Yes I would highly recommend. Beth Thompson got in touch with me straight away and was very efficient at answering initial queries. This therefore lead me to chose to go with Bridge McFarland. I then began working with Bethany Langley, again service was faultless, I don’t have one improvement. Bethany was professional, friendly and above all made it all seem so simple and did my mortgage so quick it was by far the quickest my family and close friends have ever known. I am now recommending Beth to my partner who is currently looking at buying in summer. Whilst people complain about buying a house because they have to chase their solicitor this was certainly not the case for me, not once was I waiting around for Beth as I had constant updates, I thoroughly enjoyed working with Beth. ”
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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

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