According to a survey of lawyers and insolvency professionals carried out by Encompass Corporation, over 40 per cent believe that claims will not proceed because of the change in the law and a lack of available funding.

A legal change that came into effect in April this year means that many businesses will not be able to claim unpaid invoices if a supplier goes bust or doesn’t pay. Where does this leave SMEs?

Last December, the Government announced that the insolvency exemption from the provisions of the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO) would end. With effect from April 2016 the success fee and the adverse costs insurance premium will no longer be recoverable from the losing defendant in insolvency cases.

Read the complete article from Growth Business below:

Objection! Late payment lawsuits may no longer be an option

​A legal change that came into effect in April this year means that many businesses will not be able to claim unpaid invoices if a supplier goes bust or doesn't pay. Where does this leave SMEs? Praseeda Nair Last December, the Government announced that the insolvency exemption from the provisions of the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO) would end.

The LASPO survey results:

To receive a copy of the survey results, simply enter your email address and we will send them to you.

 

View the LASPO results infographic here


about encompass

Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative Know Your Customer (KYC) software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.

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Contact us today to arrange your personalised consultation of encompass. Discover how our KYC automation software can help your business accelerate onboarding and give you peace of mind that you are regulator ready.

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