Debenhams Ottaway launched its competitively priced fixed and capped fee debt recovery product, DebtFast, in 2012 but has followed this up with a dedicated website which contains a wealth of information for creditors and aims to demystify the debt recovery process for businesses. Inspired by the theme of predictable and fixed costs advocated by Lord Justice Jackson, DebtFast not only fixes costs of undisputed debt claims but also provides costs certainty for insolvency petitions* and disputes* within the small claims and Fast Track. It also enhances creditor recovery prospects in debtor insolvency via its network of forensic insolvency practitioners.
Commenting on the launch of the website and growth plans Debt Recovery and Creditor Services Manager, Penny Daisley said:
“When faced with unpaid commercial debts, credit and finance managers are naturally concerned that they don’t want to throw good money after bad. It is critical, therefore, that debt recovery work is handled at proportionate costs. Often though commercial debt claims are disputed which lead to either claims not being pursued or the uncertainties of traditional hourly rates being applied by solicitors. DebtFast provides a quick, cost effective, debt recovery solution.”
Lead Partner Luke Harrison said:
“In addition to disputes we find that creditors can often be given the run around when it comes to enforcement. The DebtFast team have a number of established relationships with insolvency practitioners who, at no outlay to creditors, will investigate the reasons for insolvency and pursue third parties, often directors, to make recoveries for the benefit of creditors. This adds significant value to creditors and avoids throwing good money after bad.”
*Subject to the DebtFast terms and conditions
1. The DebtFast team acts for clients in all sectors but has particular expertise in acting for clients in the recruitment, advertising, construction, education and healthcare sectors.
2. Debenhams Ottaway is a leading Hertfordshire firm headquartered in St Albans. Its commercial litigation team is ranked in Chambers and Legal 500 and it was recently a finalist for Insolvency Law of the Year in the TRI Awards.
About Debenhams Ottaway
Debenhams Ottaway is a multi-service, innovative law firm based in Hertfordshire, known for delivering clients outstanding service and our award winning legal advice. We are proud of our past, progressive in our outlook and unrelenting in our dedication to growth through doing more for our people, our personal and business clients and our communities.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.