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SME debt is a ticking time bomb

Pat Haver

Pat Haver

Recent independent studies undertaken by the Legal Services Board and Xero convey a worrying and consistent theme that SME debt is a ticking time bomb.

UK SMEs are losing more than £40 Billion per year through disputes and have £131 Billion tied up in late payments. YouGov has reported that 82% of SMEs currently have outstanding balances with each firm owed an average £62,957.00.

Bermans can help

We are proud to report that Bermans has, once again, been ranked first in the North West in the leading legal directory, the Legal 500, for its Debt Recovery service and also as a leading force in Dispute Resolution, with Nick Harvey receiving special recognition for his expertise. https://www.legal500.com/c/north-west/dispute-resolution/debt-recovery/

We focus first and foremost on prevention rather than cure – see Bermans Andrew Koffman’s 10-point in house plan:
https://www.bermans.co.uk/dont-let-your-debtors-lock-you-down-november-2020-update/

Sometimes though the accrual of debt is unavoidable and we know that every successful business still has bumps in the road.

What do the Bermans Debt Team do?

There are several ways in which a debt can be recovered. The crucial decision is which method will be most efficient and each case involves consideration of the following:

  • The ability of the debtor to pay
  • The whereabouts of the debtor’s assets
  • The speed and cost of the process

It is always important to act fast in choosing the right recovery method that will bring you the right result in an efficient and cost-effective manner, whether that be via a money claim in the county court,  insolvency proceedings or self-help process.  It is also crucial to ensure that you are not throwing good money after bad. There must be a prospect that the procedure you are following will lead to recovery of the debt, not a pyrrhic judgment, bankruptcy or winding-up order (please note that insolvency procedures cannot be used if the debt is genuinely disputed).

  • No debt is too small
  • The Debt Team can handle a single debt or high volume of work
  • The Debt Team is part of our larger contentious team of specialist litigation lawyers who will advise you should the matter be defended
  • We use cutting edge technology and have on a line court access for swift and cheaper processing of claims.

We are here to help

Contact us for a free initial telephone consultation and arrange your free debt recovery health check

Please contact Bermans Debt Recovery Team
0151 224 0550
crdlpool@bermans.co.uk

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