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debt recovery options

Rents and Evictions — What Can and Can’t You Do During the Coronavirus Crisis?

As you’re no doubt aware, in March the government brought in measures effectively preventing landlords from evicting tenants during the coronavirus lockdown. This was originally intended to run until this month, but the government has now extended the moratorium on evictions until 23rd August 2020. What Does This Mean for Me? One expected announcement that hasn’t materialised is that tenants would be gran
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Business and Jobs Under Threat in the Lockdown

Every day brings more news of major businesses in trouble due to the coronavirus lockdown. Airlines have been particularly hard hit, for example, with Virgin Atlantic cutting 3,000 jobs and closing their Gatwick operation, while British Airways are also considering pulling out of Gatwick. The problems aren’t confined to big business, though. Depending on the sector, many SMEs have also been badly hit. The Chall
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What Does It Cost You to Be a Landlord?

To anyone outside the buy-to-let world, it seems as if landlords are sitting back and raking in profits. While this was never really true, a few years ago there was some justification for the perception. But no longer. A combination of increasing hidden costs and Government measures such as increasing Stamp Duty have left landlords in a position where the average annual return is hardly more than £2,000 on each prope
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Business Insolvency — Why It Happens and How to Spot the Signs

Insolvency — it’s a prospect every business owner has nightmares about, even if everything seems fine at the moment. But what leads to a business becoming insolvent, and how can you, as owner, see the signs that you’re at risk? Why Does a Company Become Insolvent? Insolvency can be the result of a company no longer being able to pay its way. It may be unable to meet its debts or have more liabilities than assets, but
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How Do You Get Information about Your Debtor’s Assets?

So you’ve got your court order that says you’re entitled to the money your debtor owes you. Now what? It’s one thing to be entitled to it, but that’s not much good if they claim not to have the funds available to pay you. Or do they really? Getting the Information You Need Fortunately, you don’t have to take your debtor’s word that they can’t afford to pay you. If you have a judgement about the debt, you’re entitled
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Is Your Debt Statute-Barred under the Limitation Act?

If you’ve owed a debt for a long time (or if you’re a creditor) it’s important to understand there’s a time limit, beyond which a creditor can no longer take certain actions. However, there’s a lot of uncertainty about when a debt is or isn’t “statute-barred” — and what exactly that means. What Is “Statute-Barred”? A debt is statute-barred when no action has been taken to recover it for a specified time (usually six
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Are You Keeping Track of Your Cashflow?

It’s simple enough — if your business doesn’t have enough money coming in, it isn’t viable. And that’s cash in your bank account, not invoices you’re trusting will be paid promptly, or work you haven’t done yet. It’s staggering, though, how many business owners have no idea of their cashflow. Whether you manage your own finances or employ someone to do it for you, if it’s your business, you need to know all about you
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Can’t Pay or Won’t Pay — Know Your Debtor

If someone owes you money that’s well overdue, you’ll want to take action to try and recover it. That’s quite right — but it’s important to go about it in the right way. In particular, it’s crucial to understand why the debtor isn’t paying. Two Types of Debtor Broadly speaking, people (whether individuals or business owners) fail to pay their bills for one of two reasons. Either they choose not to pay, or they simply
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Know Your Debtors

If a company or individual owes you money and the usual channels for requesting payment aren’t working, what should your next step be? To some extent, that will depend on the debtor. The aim, of course, is always to recover your money, but the best approach is going to vary. Because not all debtors are alike. Two Kinds of Debtors There are broadly two kinds of debtors — those who can’t pay and those who won’t pay. Re
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Dealing with Bailiffs

Bailiffs have traditionally struck fear into people. In the popular imagination, they’re irresistible forces that have the power to strip you of all your possessions. In reality, though, your attitude to bailiffs will depend largely on whether you’re a debtor or a creditor. Using a Bailiff If you’re owed money by a customer or tenant, there are many possible actions for recovering the debt. Most of these involve comm
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