In the latest episode of our Inside Accountancy podcast, Accountancy Age’s Austin Clark talks to Chris Clay, co-founder and managing director of award-winning dispute resolution firm Escalate Disputes, about corporate debts, dispute resolution and the potential for accountancy firms to add another service offering to their portfolios.
The debate around bad debt versus disputed debt is a big one. In excess of £40 billion of unpaid debt is currently written off because businesses don’t have access to a cost-effective solution to resolve their commercial disputes, or don’t know where to turn for help.
In response to this, Clay, who is also a partner at PKF Littlejohn and has over 20 years’ experience in the financial services sector, set up Escalate to provide a smarter way to resolve SME disputes by focusing on a quick settlement, removing upfront costs and minimising risk.
Importantly, this also enables accountants to build fee income in this area by challenging historic ways of raising disputes and collecting cash.
In addition to the topics listed above, this podcast discusses:
- The scale of the bad debt problem in the UK
- How much of this bad debt is really disputed debt that SMEs can’t justify pursuing
- The legacy issues that prevent businesses from pursuing bad debt
- The opportunity here for accountants
- How can accountancy firms introduce this new service and build business with clients
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