The increase in the small claims threshold at court for claims up to £10,000 means that if a business has to resort to court to recover monies owed, it should not expect to receive legal costs. By ensuring that interest is claimed on overdue invoices, suppliers can mitigate their losses and get what is rightfully due.
While the award of interest is the discretion of the court, clear contractual terms or reliance upon the correct statutory provisions usually leads to a straightforward order, which can be enforced upon the debtor.
Should you have any questions regarding commercial debt, please contact Joseph Oates on tel: 01892 515022 or jmo@cooperburnett.com
By Joseph Oates, Partner