COVID-19 has changed many aspects of life as we know it, with many predicting that a number of these changes will remain permanent. For example, work from home or flexible working may be here to stay and probably hand sanitiser too (for a little while at least). Meanwhile, other things will fade away such as halved event capacities or frequent mask-wearing.
Is your business financially ready for the end of lockdown?
While we know what the end of coronavirus looks like as a society, we may not be as prepared for what it means for businesses. As restrictions begin to lift we’ll see the government help of furlough and protections against corporate insolvency will lift as well, leaving many businesses in a worse position than before.
One of the main ways to ensure you’re ready to open is to get your books balanced. Check and make sure any outstanding invoices have been paid and make a plan regarding any clients whose payments are late. Early and regular communication can be very effective. The businesses that owe you payments may be facing similar challenges, however, if services have been rendered you have a right to collect your fees. If you’re not making any progress, the next step may be to make a legal claim.
Many businesses have depleted their cash reserves during lockdown and are apprehensive to pursue legal claims due to the upfront costs and risks associated with the possibility of an adverse finding by a judge. In a time where businesses need all the help they can get, the potential of losing any more money can seem like a fool’s errand, and pursuing matters could run the risk of throwing good money after bad.
A New Way to Fund Claims
Luckily, as the world slowly opens again, we are beginning to also see changes to the volume of claims being pursued by businesses and the preferred methods of funding commercial claims. For businesses who find themselves cash-strapped coming out of lockdown, our model mitigates the risks involved in pursuing money you’re owed.
Alba Claims’ innovative no win, no fee commercial claims model means that businesses can pursue commercial claims, without having to pay legal fees up-front or during the court action. Businesses will only be charged competitive rates for our highly experienced panel solicitor’s services if the claim is successful*. This model offers a perfect solution to provide access to justice for those businesses that have legitimate claims but lack the means to fund action.
Contact our Alba Claims team today
You shouldn’t be out of pocket during a time when cash flow is more key than ever. Let us help you get back on track.
If you would like to discuss the possibility of pursuing a commercial claim on a no win no fee* basis please complete our online inquiry form or contact us on 0131 550 0401 for a confidential no-obligation consultation.
*Other costs could be payable.