Effective Debt Recovery

• Published date: 11 April 2023
• Law Firm: Lanyon Bowdler
• Author: Ms Lisa Smart

Maximising chances of recovering debt before engaging a specialist

In 2023, many businesses will be looking to reduce their outgoing costs in order to manage the mounting challenges that have presented themselves over the last three years. You may be tempted to put off attempting to recover your debts in the hopes of saving costs and resources, however, there are a few reasons why this may not be the best course of action;

• The clock is ticking: The Limitation Act 1980 places a six year time limit on issuing proceedings, starting from the day the debt became overdue. Once the six year period has passed you will likely be barred from recovering the sums due to you.
• Debtors pay sooner if they are engaged earlier: Debtors will often pay their debts quicker if recovery is attempted sooner. The longer you wait to recover the sums owed to you, the...