Debt Collection

One of the biggest obstacles to recovering an outstanding debt has always been if a company ceases trading - this is basically a dead end, as once the company ceases to exist, it's impossible to continue chasing the individuals who ran it. Or is it?

Under the terms of the Small Business, Enterprise and Employment Act 2015, which received royal assent on March 26th 2015, new rules will apply to disqualified directors, and particularly to any losses incurred by creditors due to director misconduct.

Last week, the Small Business, Enterprise and Employment Act 2015 gained royal assent, meaning broadly speaking, the various measures that have already been outlined by BIS, the Insolvency Service and other government departments should be brought into law without any major changes.

What does this mean for creditors? Actually there are some broad sweeping measures, and some more specific ones, which should combine to tip the balance more fairly in the direction of creditors.

Tuesday, 20 January 2015 15:12

Pay on time? No, I've opted out...

In a frankly astounding turn of events, Debt Guard Solicitors have proposed introducing a right for big businesses to opt out of paying on time.

Read that again, because it's an almost unbelievable statement - a commercial debt recovery firm suggesting that big brands should have the opportunity to simply opt out of being punished for late payment.

Where do small businesses turn for help when they suffer due to late payment? Under new government plans, there could soon be a Small Business Conciliation Service tasked with tackling that precise problem.

That's not its official name as yet - and in fact, you could be forgiven for thinking you already know of a 'conciliation service' for small business disputes, in the form of mediation.

Premier Foods - owners of the Mr Kipling brand, along with several other household names - have encountered their fair share of negative press recently, since it emerged that they were demanding that suppliers should invest in the company in order to continue receiving orders.

Yep, that's right - suppliers to Premier Foods, many of them fairly small foodservice businesses, were apparently told that if they wanted to keep receiving future orders, they had to put their own money into Premier in the form of investment finance.

Finding a supplier for your business can be a tricky process at the best of times; so many online businesses rely heavily on customer testimonials.  So what do you do if you are a new business, say a new Debt Collection business and you want to impress potential customers?  Are you going to be honest about the fact the business is new and try and offer a great service or do you "fake it till you make it"? 

Unfortunately for many businesses trying to find a reputable debt recovery partner the latter seems to be the preferred option, with many so called debt collectors recycling or just stealing testimonials from other sources.  Now not only is this dishonest and as such contrary to the Advertising Standards Authority rules on misleading statements, it also shows a marked lack of invention and imagination.  As such, we've decided to offer a helping hand to all those debt collection companies out there with fake testimonials by providing some suggested "testimonials" of our own.

A dairy-free chocolatier was forced to threaten supermarket giant Tesco with a winding-up petition after they failed to pay for part of their order for five months - leaving him without his staff's Christmas wages.

Moo Free Chocolates produce dairy-free and gluten-free confectionery, with an annual turnover of around £1 million.

But when a £2 million order came in from Tesco, co-founder Mike Jessop was understandably excited.

The Scottish Question is about to be answered, and whether the majority vote Yes or No, changes are on the horizon for the Scottish economy and for those of us labelled rUK, short for either the 'rest of the UK' or more disparagingly, the 'remnant UK'.

We're not arguing in favour of either viewpoint - that's for the Scottish public to decide - but it's important that English businesses should be aware of the ramifications that may arise from a vote either way.

The OFT has refused to renew the consumer credit licences of debt purchaser HFO Capital Limited, and two associated debt collectors, HFO Services Limited and Roxburghe (UK) Limited.

Back in March of 2013 we ran an article called "Dodgy Debt Collection Agencies Liquidated" that featured the story of how the Insolvency Service had liquidated two companies run by a Mr Stuart Paul Cooper of Topping Street, Blackpool.

Then it all went quiet and we heard no mention of the name Stuart Paul Cooper until an eagle eyed reader contacted us this week.  They informed us that the infamous Mr Stuart Paul Cooper is now serving a three year jail sentence for fraud. So what happened?

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