Forbes’ bumper recovery for Lancashire businesses
More than £100,000 was recovered for Lancashire businesses in March 2015 by the debt collect team at Forbes Solicitors as the increasing trend to tackle late payments continues.The department has seen a continuing movement in local businesses tightening up on bad debts and claiming what they are owed which resulted in the March’s record amount. Businesses have also become more aware of the legislation surrounding late payments which includes interest and compensation fees.
At the lower end £270 was recovered for one client whilst the largest outstanding payment recovered was approaching £50,000.
Alison Nelson, debt collect executive, said: “I am pleased to see local businesses really tightening up on late payments. Just a few outstanding invoices can have a serious effect on a business’ cash flow and often late payment interest can be added to the amount owed which will cover the cost of instructing a solicitor.”