If you have received a Notice

“The Late Payment of Commercial Debts
Regulations 2013” provides creditors
with a statutory entitlement to claim
the costs involved in instructing a
third party to recover payment
of a commercial debt!

The creditor named in the Notice has instructed Advocate Commercial Debt Recovery to issue legal proceedings to recover payment of overdue invoices and statutory late payment charges. You should act immediately. You must pay the total amount demanded prior to expiry of the Notice to prevent the issue of legal proceedings against your company.

Late payment compensation and late payment interest has been applied to the principal invoice sums in accordance with “The Late Payment of Commercial Debts Regulations 2013”. This legislation also provides creditors with a statutory entitlement to claim the costs involved in instructing a third party to recover payment of a commercial debt.

Be advised, payment that does not include late payment charges and recovery costs would result in the immediate issue of legal proceedings against your company. Payment of the overdue principal invoice sums would not cease your company’s liability to pay the statutory late payment charges and recovery costs accrued up to the payment date, these charges would remain legally enforceable.

How to Pay

You must arrange payment by bank transfer using the bank account details printed on the reverse of the Notice you have received. You must use the reference number printed on the Notice as the payment reference and inform us as soon as you have made payment.

If you do not Pay

Notice of Court Proceedings

If you have been issued with a Notice of Court Proceedings, we will conduct 14 day pre-litigation protocol procedures, commencing on the issue date of the Notice of Court Proceedings. If you fail to comply with the Notice and do not make payment, a 7 day Final Demand Notice will be issued. If it is necessary for us to issue a Final Demand Notice, additional late payment interest and recovery costs will be incurred. If you fail to make payment prior to expiry of the Final Demand Notice, Court proceedings will be immediately and without further notice issued against your company. The Court fee, solicitors issue fee and additional late payment charges up to the Claim issue date will be added to the total amount claimed in Court.

Notice of Insolvency Proceedings

If you have been issued with a Notice of Insolvency Proceedings, time is of the essence. If you fail to make payment within 7 days of the date of the Notice, a Petition for the Compulsory Winding up of your company will be issued. Once a Petition has been served you can expect to have to pay considerable additional costs should you wish to prevent your company entering Compulsory Liquidation.

Be advised, there is no legal requirement to serve a limited company with a Statutory Demand prior to the issue of Insolvency proceedings, provided that the company has been given notice of the intended proceedings.

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Do not ignore our correspondence, your debt must be paid. You need to act quickly to prevent legal proceedings and additional costs.

Should you be in any doubt as to the practical, commercial and legal consequences of a County Court Judgment or Winding up Petition being issued against your company, we strongly advise you to seek immediate, independent legal advice.