Battens the One-Stop Shop for Debt Recovery
Businesses need to keep track of their debts, says Angie Loveless, Debt Recovery Manager at Battens Solicitors
The economy of the United Kingdom is finally returning to growth levels last seen before the global financial crisis. However, several challenges now face the economy in the future as a result of Britain’s decision to leave the European Union. Only time will tell to what extent this will affect the economy and local businesses.
Figures from the Organisation for Economic Co-operation and Development (OECD) predict that by 2030 there will be damage to GDP between 2.7% and 7.7% per head of the population, as it is predicted that investors, consumers and businesses confidence in the economy will be reduced.
By some measures, this could potentially put the UK at risk of falling behind in comparison to other expanding economies and into recession.
As investor and consumer confidence could potentially decrease it is now important that businesses keep track of their costs to avoid falling into financial difficulty in the future. Crucially, this includes debtors.
Appearing in the current asset side of the balance sheet, it could be argued that debtors are an integral part of running a business and gaining revenue.
However, what happens when these debtors do not actually pay up? You are presented with bad debts, and far too many businesses write off these debts as a needless expense.
Battens’ experienced Debt Recovery Team is able to help you recover those bad debts. We make the hard work of tracking down debtors and collecting payment easy.
We appreciate that businesses may be concerned about ‘throwing good money after bad’ and for this reason we operate on a fixed fee basis for all straightforward, undisputed debts.
We are proud that the costs of our services are totally transparent and this scheme is designed to help businesses at a time when, quite understandably, cash flow is difficult.
Our experience is that many businesses are rightfully concerned about the cost of court fees and legal bills with many debt collection agencies offering a ‘one size fits all’ service.
However, one business’s needs may not be the same as another.
At Battens we provide a personalised service which is specifically designed to help your business negotiate the maze of debt recovery through the courts and insolvency processes.
This is where our expertise comes into its own to help your business – which you have worked so hard to build up – recover what it is rightfully owed and enable it to flourish for the future.
For more information on our Asset and Debt Recovery services click here.
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