Debt Recovery – Expert Detailed Legal Advice l Canny Group
The world of business dealings is underpinned by trust and reliance on promises to supply goods or services often with the consideration such as payment of money, a debt being due sometime in the future. Once a contract is legally enforceable, the Court will, if the contract is breached, allow the injured party to seek recovery in the Courts. We have put together what you need to know about engaging in the Debt Recovery process and how Canny Group’s Legal team are here to help you through this process, introducing; Debt Recovery – Expert Detailed Legal Advice l Canny Group.
Canny Legal regularly act in “debt recovery” proceedings. Some claims may be very simple such as a failure or refusal to pay monies on account. However in the cut and thrust of business dealings, contracting parties may have complex arrangements to reach out to potential customers and rely on more complex trading terms.
Suppliers may offer their customers credit terms reflecting their trade requirements. For example a plumber may have a business which has many projects under way and needs plumbing supplies to compete works before it gets paid from expected future profit. The supplying company may agree to trade on credit with interest which should also be secured by a personal guarantee and a charge over the director’s property. In this scenario we often find our client’s customers may “bite off more than they can chew” and default in their accounts resulting in debt recovery proceedings.
On the other side of the fence we also act for defendants against claims for monies due and owing and we will explore any genuine defences available to defeat the claim or reduce it by way of set-off.
Debt recovery requires the careful weigh-up of a return for recovery on a debt as against time, legal costs and the uncertainties of litigation. There will be a range of facts to consider before being able to assess and legally advice on the merits of each claim or each defence.
If you would like more information, we are always here to help. Please get in touch with our team.
Richard Pinkstone – Principal Solicitor