The latest report from commercial debt recovery law firm, Lovetts, shows that businesses are getting tougher with their customers on outstanding debts. With the British Chambers of Commerce this week announcing that business confidence increased in the last quarter, Lovetts figures suggest businesses are taking a much more robust approach to outstanding debts, to help secure their long-term future. Compared to Q1 2011, the value of debt claims Lovetts has pursued through the legal system on behalf of its active clients has increased by a huge 39.1%, year on year. This dramatic rise – alongside a 13.3% increase in the number of claims pursued – suggest businesses are putting the biggest focus on the biggest debts to keep cashflow moving.

Charles Wilson, CEO of Lovetts PLC comments, “Businesses have in the past been hesitant to chase up the largest unpaid bills too assertively. This is often because these debts are owed by the biggest and most influential of their clients and they were anxious not to rock the boat. However, whether it’s improved confidence or simply the fact that tolerance of late payment has run its course, it is encouraging to see that businesses are taking these debts more seriously and acting decisively to recover money owed – it could, after all, be a matter of business life and death...Read more here