Our Late Payment Compensation service is an invaluable tool to a wide range of UK businesses but none more so than Insolvency Practitioners.
StatClaim assist companies to claim their statutory right to compensation and interest on late payment of their invoices under the Late Payment of Commercial Debts (Interest) Act 1998 (“The Act”).
In addition to obtaining compensation for late paid invoices on a ‘live’ company, as an IP, you can pursue these claims on behalf of companies that are in liquidation. Legislation allows you to go through ALL late paid invoices going back 6 years resulting in a financial windfall for you and the creditors of the ‘dissolved’ company.
These otherwise paid invoices will result in a significant financial gain, based on recent cases, the average successful claim is approximately £68 for every late paid invoice and so these claims can run to thousands and even tens of thousands of pounds.
The compensation due is a fixed amount determined by the value of each invoice, as follows:
|up to £999.99
||£40 per invoice
|£1,000 to £9,999.99
||£70 per invoice
|£10,000 and over
||£100 per invoice
In addition, you can claim interest, at 8% above Bank of England base rate from the due date to the date that it was paid (or the date of the claim if the invoice is not paid).
Alternatively, under current legislation the potential claim is assignable. This means that after a simple evaluation, we can purchase the claim off you within 7 days and you will benefit (and hence the shareholder/creditor) from the immediate cash income that this will generate.
Details of this scheme, available exclusively to IPs, is as follows:
- An initial guaranteed cash payment of 15% of the potential value of the claim*
- A balance payment of 60% of the value on successful completion of the claim
*our evaluation based on the fixed rate of compensation and the calculated interest
Want to find out more…?
We recently gave a very well received presentation to a group of IPs in North London and you can view this below or download a copy:
Once you are ready to proceed with the claim, click below to confirm acceptance and we will be in touch with further details of what we need from you to progress the claim. If you have any questions at all, please get in touch with us.