Creditor
123 Pay: Business document review
Insolvency and Law’s latest offering, 123 Pay, is a credit management service that reviews your trading documents to help your company get paid quicker. Let I&L review and evaluate your trading documents. Send us your written estimates/quotations; sales contracts/orders; delivery notes; invoices and reminders to ensure they’re robust and fit for purpose. This element of…
Read MoreStat Ds and undisputed, but overdue invoices
Issuing a Statutory Demand (or Stat D) is an effective way to encourage prompt payment of overdue invoices and debts, but it’s not the only method. A Stat D is a formal document requesting payment of an outstanding debt within 21 days. By issuing one, you give creditors another 3 weeks to pay a debt…
Read MoreCCJs, winding-up petitions and undisputed debts
Sometimes, you may need to issue a County Court Judgment (CCJ) or a Winding-Up Petition on an insolvent company that owes you money. But what’s the difference? County Court Judgments usually come about when a company refuses to pay an overdue debt. The creditor (claimant) who’s owed money commences proceedings by visiting the Government’s website,…
Read MoreCVA bubble bursts for Bury FC creditors
Creditors and fans of Bury FC learned a harsh lesson about Company Voluntary Arrangements (CVAs) last month when the team became the first to drop out of the English Football League (EFL) in 27 years. The club’s supporters, including local MP James Frith, are calling for an inquiry into the CVA arranged in July 2019…
Read MoreWhat do you know about misfeasance?
Although I&L‘s clients are mostly creditors, some of our work involves supporting, defending and representing company directors accused of misfeasance, and other wrongdoings. We advise whoever needs help. It’s not our role to determine whether someone is guilty of misfeasance, and in many instances our client has proved to be the innocent party. Misfeasance is…
Read MoreTips for collecting long-standing debts
Earlier this year, I&L received a phone call from a distressed subcontractor (subbie). They claimed that for months, West Midlands construction firm the Shaylor Group had been ignoring their requests for payment of an overdue invoice. After a brief consultation, they instructed us to recover the debt on their behalf. Although we were made to…
Read More