Are unpaid debts threatening your SME’s stability? NA Law Solicitors offers specialist debt recovery services for UK small and medium-sized businesses, combining legal expertise with swift, practical solutions.
Late payments are estimated to cost UK SMEs over £3 billion annually by 2025. Unpaid invoices can disrupt cash flow, stall growth, and strain business relationships. Our experienced debt recovery solicitors will help you reclaim what you’re owed quickly, with minimal disruption, and on a fixed-fee basis.
We navigate complex legislation including the Late Payment of Commercial Debts (Interest) Act 1998 and the Civil Procedure Rules (CPR), ensuring you recover debt with precision and professionalism.
Why Debt Recovery Matters for SME’s
Cash flow is critical for SMEs. Delays in payments create:
- Operational Strain: Inability to pay suppliers and staff.
- Lost Growth Opportunities: Funds tied in overdue invoices restrict reinvestment.
- Legal Risks: Debts unclaimed within six years (Limitation Act 1980) can become unenforceable.
You are entitled to statutory interest (8% above the Bank of England base rate) and late payment compensation (£40–£100 per invoice). Our legal team will help you claim this efficiently.
Common Debt Recovery Scenarios
Chronic Late Payers: Clients who habitually delay payment.
Disputed Payments: Customers withholding funds over minor contractual issues.
Insolvent Debtors: Companies in administration, making recovery challenging.
International Debtors: Cross-border debt collection where jurisdiction issues arise.
Our Debt Recovery Services
- Case Evaluation: We conduct financial checks and debtor assessments (including a free £50 credit check at consultation).
- Pre-Action Letters Before Action (LBAs): Tailored letters in line with Pre-Action Protocols to prompt payment within 7–14 days.
- Negotiation and Mediation: Resolving disputes amicably while safeguarding commercial relationships.
- Court Action: County Court and High Court claims filed under CPR guidelines.
- Post-Judgment Enforcement: High Court Enforcement Officers, charging orders, and third-party debt orders.
- Cross-Border Recovery: International debt collection through established frameworks.
- Pre-Insolvency Risk Reviews: Identifying risk before debtors’ assets are lost.