Money makes the world go round and although debt recovery procedures can be very dry (to say the least), it is essential that these are at the forefront of your mind when chasing payments.
Unfortunately, there is no way to inject any glamour into this subject to make it more exciting but if you run a business you need to be aware that there have been some important updates in debt recovery. These come into force on 6 April 2009, by virtue of the 49th update of the Civil Procedure Rules.
These rules focus on what should be included in the 'letter of claim' and these differ depending upon whether your debtor is a business or a private individual so if you are chasing payments you need to familiarise yourself with these updates.
It is important that businesses comply with all of this as if they don't they may incur additional costs and at the worst the claim may even be struck out of court.
For those of you that would like more information this can be found on our fact sheet at http://www.lblaw.co.uk/en/Practice%20areas/Business/Debt%20Recovery/Latest%20update.aspx
