This week, it was reported that FlyBMI, an airline operating across Europe until it’s collapse in early 2019, owed up to £37 million at the time of its closure. The debt was outstanding to passengers, suppliers and airports around the world, and administrators estimate that those who have lost out may only receive 1% of their claims – a frankly shocking fact.
With factors such as Brexit contributing to economic uncertainty, the risks of a business falling in to debt are real; but how realistic is it to expect your money back, should a business be indebted to you? Holmes & Hills debt recovery solicitors can advise on debt recovery, boasting a 91% recovery success rate.
If your business is owed money, you will undoubtedly be looking at a way to recover this. Whether this is debt from late payment of invoices, or debt which is disputed, Holmes & Hills debt recovery solicitors can assist by providing a tailored approach to suit your organisation. By approaching your debtor in a formal, legal style that cannot be ignored, the litigation team can reduce the bad debt written off by your business and consequently, improve cash flow.
Holmes & Hills advises two routes to successful debt recovery. Our litigation team can advise which route is advisable for your business. Fixed fee debt collection is a fast, effective method which can see debt collected in days. No win, no fee debt recovery is suitable for debts outstanding for long periods of time or are more complex.
There are three stages of debt collection:
Stage 1: Involves a solicitor’s letter and chasing call to your debtor, threatening legal action. 96% of Holmes & Hills debt recoveries are made at this stage.
Stage 2: If stage 1 is not successful, stage 2 will issue a County Court claim or statutory demand against your debtor.
Stage 3: The final stage, a last resort, involves taking enforcement action.
Of course, it is impossible to predict the stage at which your business will successfully recover debt, however with Holmes & Hills debt recovery solicitors, 96% of debt recoveries are made at stage 1, minimising ill-effects for your business.
If Holmes & Hills can assist you with debt recovery services, please get in touch today on 01787 275275.