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EMCC: Debt recovery protocol

26 September, 8:00 am - 9:30 am

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Reviewing Debt Recovery Procedures in preparation of the forthcoming Pre-action Protocol.  This is a FREE event open to both Chamber members and non-members.  

Why attend?

This event is delivered in conjunction with Smith Partnership who are urging businesses to review their debt recovery procedures, aimed at individuals, as soon as possible.  Indeed, it is vitally important that businesses prepare for the new legal Pre-action Protocol, which comes into force from 1st October 2017.

The debt recovery team at Smith Partnership understands the frustrations of business owners who struggle to collect unpaid invoices from individuals, and how long-winded and expensive court proceedings can be.  The new Pre-action Protocol, recently announced by the Ministry of Justice, aims to improve the legal process and encourage better communication and paperwork issued between all parties.  It also seeks to resolve disputes before court proceedings are instigated.

Claire Twells, works in Debt Recovery at Smith Partnership.  She said: “We welcome any improvements to the legal debt recovery process.  Moreover, we want business to be aware of the changes now, so they are prepared before 1st October.  I believe the new protocol is the result of many discussions between those representing creditors and debtors in the Courts.  In most cases if disputes were cleared up earlier, in a proportionate and professional manner, debts would be paid sooner.  As a result, this would improve cash flow for your business.

“One of the fundamental changes to the rules is the removal of the usual 7 day demand letter.  A new Letter of Claim is being introduced, which will give the individual 30 days to respond.  Moreover, this will have to include a series of documents to prove the validity of the debt, and all the key documentation of the business transaction.”

Who’s affected?

The new Pre-action Protocol will apply to any business (including sole traders and public bodies) claiming payment of a debt from an individual (including a sole trader).  However, it will exclude business-to-business debts (except, it seems, in circumstances where both businesses are sole traders).

Letter of Claim

The new Letter of Claim will replace the current 7 day demand letter, and will state details of the basis of claim including dates and parties to a written contract; the contractual words spoken, when and where if there was an oral agreement; and details in respect of any assignment of the debt.   The Letter of Claim must be dated and sent by post.  It cannot be sent by email, although it can also be sent by email for information only, when it has been posted.  The Debtor has 30 days to respond from the date the letter is received. The letter will be deemed as being received on the 2nd business day after it has been posted– standard postal service rules apply.

Further information and registration

This event will cover:

  • An overview of the rules and regulations
  • Documentation required for a Letter of Claim
  • How the procedures may reduce the amount of Defences filed
  • Guidance on engaging with the debtor
  • The creditors rights
  • What happens next?

As this is a free event, it is bound to prove popular.  So don’t delay, register today.

Details

Date:
26 September
Time:
8:00 am - 9:30 am
Website:
http://www.emc-dnl.co.uk/events/10228/reviewing-debt-recovery-procedures

Organiser

East Midlands Chamber
Website:
http://www.emc-dnl.co.uk/

Venue

Derbyshire Cricket Ground
The 3aaa County Ground, Nottingham Road
Derby, Derbyshire DE21 6DA United Kingdom
+ Google Map
Phone:
01332 388101
Website:
http://cricket.derbyshireccc.com/the-3aaa-county-ground/

 
 
 
 

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