What is Insolvent Trading?
Determining when a company is insolvent can be quite complex, so professional advice should always be sought. However, as a brief overview, a company is insolvent when it is unable to pay amounts it owes to creditors when they become due and payable. Directors of companies are duty-bound to prevent their company from trading if […]
Debt Recovery – Charging Clauses & Guarantees
If you are a business that offers credit to customers, it is vital that you have clauses in your credit agreement or contract that you are able to rely on in the event of a default. This could drastically improve your chances of recovering your debt. Charging Clauses One example is a charging clause. A […]
I’m owed money. Is it worth pursuing?
Are you owed money? It’s a common misconception that the cost of taking legal action to recover money is so high that it’s just not worth doing. We certainly understand that no-one wants to “throw good money after bad” and end up with a legal bill on top of the money that has been lost. […]
Can I enforce a verbal contract?
Can you enforce a verbal contract? Many business owners, particularly in the trade industries, find themselves put out financially when someone they are dealing with does not perform as they had agreed. Either in failing to deliver a product or service or failing to pay the agreed price. We often hear that because the agreement […]