New Debt Recovery Regulations Seminar
Ministry of Justice announce new Debt Recovery Regulations
Smith Partnership is urging you to review your debt recovery procedures aimed at individuals as soon as possible, to prepare for the new debt recovery regulations, which came into force from 1st October 2017.
The new regulations, formally referred to as the Debt Recovery Pre-action Protocol were recently announced. They aim to improve the legal process and encourage better communication and paperwork issued between all parties; to resolve disputes before court proceedings are instigated.
To what type of businesses will the protocol apply?
The new protocol will apply to any business (including sole traders and public bodies) claiming payment of a debt from an individual (including a sole trader). However, it excludes business-to-business debts (except, it seems, in circumstances where both businesses are sole traders).
Smith Partnership encourages you to take legal advice as soon as possible on this issue, and to prepare your accounts teams for the significant changes in credit control procedures from 1st October 2017.
Smith Partnership’s Debt Recovery team will be hosting a FREE breakfast workshop on 9th November at Burton Albion Football Club at 8am, finishing around 9.30am to give you more information and helpful guidance on how to deal with these changes in the rules regarding debt recovery.
If you would like to attend this FREE breakfast workshop please book your place by using this link https://www.eventbrite.com/e/new-debt-recovery-regultions-tickets-38941739792?aff=utm_source%3Deb_email%26utm_medium%3Demail%26utm_campaign%3Dnew_event_email&utm_term=eventurl_text