September 25th, 2017.
New rules set to be introduced next month that are designed to speed-up the resolution of financial disputes and debt recovery, could result in claims, in fact, taking even longer, says a commercial dispute resolution legal specialist.The new Pre-Action Protocol for Debt Claims goes live on the 1st of October and is the latest example of the civil justice system taking steps to encourage early resolution of disputes so they don’t make it to the courts.
The new rules will require creditors to demonstrate compliance before instigating court proceedings to recover debts. They will apply to any business claiming a debt from an individual, including sole traders, but won’t apply to business-to-business debts – which remain governed by the Practice Direction for Pre-Action Conduct and Protocols (PDPAC).
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