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Wrap up unfinished business this festive season

Wrap up unfinished business this festive season

Christmas is a time for receiving as well as giving, according to Colchester-based Sherforce, the UK’s leading High Court enforcement agency, which specialises in collecting business debts.

Consumer spending and jingling tills make Christmas a merry occasion for most companies. However, according to Claire Sandbrook, Chief Executive of parent company Shergroup Legal and Financial Services, even businesses that are suffering from unpaid debts can benefit from the festive season.

“Commercial income is at an annual high in the run up to Christmas, particularly for retailers, restaurants, pubs, clubs and hotels; therefore it is a perfect time for businesses to take action against those with outstanding debts.”

David Merrygold, corporate recovery partner at leading accountants and business advisers PKF (UK) LLP, confirms this advice. “The Department of Trade and Industry statistics shows that companies are most likely to go into liquidation during or after the Christmas period. It is therefore wise to collect debts from failing businesses before Christmas, while they are achieving higher sales and before they go under.”

The latest debt survey, undertaken by the Credit Management Research Centre at the University of Leeds, found that the average amount of debt passed to High Court enforcement agencies now exceeds £5 billion per annum; a 70% rise since the survey was last undertaken in 2001.

Mrs Sandbrook added: “With an increase in companies involved in commercial debt disputes, the action taken must be lawful and appropriate to the debtors? situation. Sherforce works alongside businesses to achieve effective solutions, which is important, as no-one likes a Scrooge at Christmas!”

Sherforce, whose headquarters are at Westwood Park in Colchester, employs 94 people in Colchester, London, Leeds, and Delhi, 40 of whom are high court enforcement officers, making it the largest agency in the UK, handling 40% of the market?s workload. It is the only enforcement firm in the top 200 law firms, and is the sixth oldest law firm in the UK, dating back to 1780.


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Last updated | 19 July 2023

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