DEBT COLLECTION BY Danny Dionissiou

SD Biz - May 2020 | 27 It is inevitable that at some stage in business life one will encounter clients who delay in paying invoices and indeed, this has never been the case more so than now. WE CANNOT CURE COVID-19 BUT SOLICITORS CAN BE THE FRONT LINE FOR YOUR BUSINESS ue to the uncertainty surrounding the current Covid-19 pandemic, people globally are reluctant to part with their money and consequently, this will have an adverse effect on many businesses. If one person/institution in the business-chain fails to pay their debt, it will inevitably have a knock-on effect further down the line - regardless of how long or short that line may be. Currently however, as the lock-down, that has come about as a result of Covid 19, takes its grip, many of us are faced with a moral dilemma. Increasingly, we feel guilty to request, let alone demand, what is rightfully owed to us. We are becoming burdened with the ‘what ifs’ - what if they don’t have the money to pay? What if we ask for our money and they think we are insensitive? The reality of the situation it’s a matter of survival. Cash flow is undoubtedly the life-blood of any business - when the cash runs out, the business will cease to exist. It’s that simple. Therefore, as a business, it’s important that you get paid what you’re owed by your customers and/ or clients. This will not only assist in the continuity of your business, it will also maintain the buoyancy of the economy. If you are owed money and your debtor is refusing to pay or you are too embarrassed to ask them to pay, you should refer the matter to a debt collection specialist. Many solicitors, who are well versed in debt collection, have the ability to assess each situation on its merits. In turn, they will know when a matter needs to be handled sensitively or indeed, when there’s a need to put the pressure on. Ultimately, your solicitor will take the problem out of your hands and hopefully return to you the life-line it needs. D

www.sophias-diary.com Danny Dionissiou Director www.morelandsolicitors.co.uk IF YOU ARE OWED MONEY - DO NOT ALLOW COVID-19 TO KILL YOUR BUSINESS – CONTACT YOUR SOLICITOR NOW! For tailored advice, please contact Danny Dionissiou on 020 8364 3677 or dnd@morelandlaw.co.uk or visit our website – www.morelandsolicitors.co.uk