Lamport Bassitt Solicitors - Legal News - Debt recovery system "expensive and cumbersome"


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Debt recovery system "expensive and cumbersome" The means available to firms concerning debt recovery need improving, it has been suggested. Commenting on the issue, Phil Orford, chief executive of the Forum of Private Business (FPB), said there needs to be a change to the culture of poor payment so that there is mutual agreement that paying in a timely fashion is best practice. This is what the FPB and the government are trying to achieve, he added. Mr Orford said: "The current process for recovering such debts is both expensive and cumbersome, being based on systems designed for the resolution of disputes and legal complexities rather than the simple administrative task of recovering uncontested debts." He made his comments after the latest Economic Downturn Panel survey conducted by the FPB revealed that 23 per cent of respondents selected late payment and subsequent poor cash flow as the "key issue" affecting their businesses at present. Formed in 1977, the FPB is a lobbying organisation and it claims to represent more than 25,000 small firms. Related Articles: 31/1/2012 - Mediation services could be the healthy alternative during divorce 27/1/2012 - NHS trust faces legal action over mileage rates 24/1/2012 - Ken Clarke backs mediation services push 11/1/2012 - Djanogly renews calls for mediation over court 23/12/2011 - Landbanking companies ordered into liquidation More Dispute Resolution News