Avoiding zombie apocalypse
Abstract
It is a sad fact of life that there are clients who do not like to pay their bills in a timely fashion. What might be considered sport for them can become a burning and pressing issue for others. Adam Bernstein, in collaboration with Chris Else, explains the prompt action that is necessary
Zombie companies, although generating cash, after covering running and fixed costs, only have enough funds to service interest on their loans and not the debt itself
Everyone is in trying times, and businesses that are looking to reel in what they are owed are struggling. If getting paid in normal times was tricky, firms are now having to up their game just to stand still.
Chris Else, a solicitor and managing partner with Else Solicitors LLP, has been in debt recovery and commercial dispute resolution since 1987 and says that, the current crisis aside, he has never known a period where debt recovery has not been busy. ‘Of course,’ he adds, ‘clients only instruct lawyers when they need to chase substantially overdue debts … and, inevitably, as we provide this service, we are bound to be busy, and so do have a cynical view of the business world’.
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