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As 2021 gets under way, there may be a number of aspects of your credit risk management that we can assist you and your business with this year.
The quality of your credit documentation has a significant influence on whether or not you get paid when an account becomes delinquent. Every year we assist many clients with a comprehensive review and update of their terms and conditions of trade, as over time, they can quickly become outdated (and therefore less effective) as a result of changes in legislation and/or changes in business operations.
The importance of a good set of terms and conditions cannot be overstated, as these documents generally determine how successful you will be when attempting to recover a debt. Reviewing and redrafting your credit terms is one of the least expensive and lasting ways you can improve your credit risk management. AMPAC, together with its panel solicitors are well placed to assist with the drafting of credit documents that are tailored to suit your business and your industry, so get in touch if this is something you would like to discuss.
As a credit provider, it is likely that in 2021 you will find yourself dealing with insolvency practitioners appointed to corporate debtors (voluntary administrators, deed administrators, liquidators, receivers or the new small business restructuring practitioner) and personal debtors (bankruptcy trustees). Last year, AMPAC’s panel solicitors were able to advise many clients in all of these types of dealings, including unfair preference claims where an administrator, liquidator or bankruptcy trustee seeks to claw back certain payments made to you as an unfair preference. Where this situation arises, we urge you to talk to us first as there is almost always scope to either defend or negotiate a compromised settlement.
We are not quite sure what is in store for 2021 particularly as the various protections and stimulus measures are removed, however we do know that at some point in the first half of the year there will be an increase in insolvency activity and at the same time we expect there will be a corresponding increase in demand for debt recovery services. In any ordinary year, the period immediately following Christmas usually sees a sharp increase in the rate of corporate and personal insolvency, however there is little to suggest that this will be an ‘ordinary’ year.
If you are concerned about any of your customers, and would like to discuss your options to recover a debt, just click here and drop us a note – we will get straight back to you.
From the team at AMPAC, we wish you a prosperous and fulfilling 2021.
Do you have debt that needs recovering? Are you unsure on where to start? Contact AMPAC Debt Recovery for solutions today and speak to one of our qualified consultants to get you started.
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