Nxt Manchester — Nov./Dec. 2008 - (Page 26)

Avoiding Business Fraud Park Lane Partnership debtors and serve papers by solicitors. If the debt is not addressed legal proceedings begin. As a creditor it is an expensive business and you are still not guaranteed payment,” said Rob. bodies can help establish credentials. Commercial and litigation agents can delve deeper if needed. Access to more sophisticated information systems can reveal a director’s financial status and stability, and business history as well as payment patterns, verifying their company’s longevity. These can be signals as to whether or not a person is trustworthy. “In my estimation as few as 5 percent of businesses conduct simple checks. They often rely on a firm handshake instead,” said Rob. “With losses often ranging from £100 all the way up to £50,000 - £2,000 to £5,000 being a typical hit, it’s worth being a little less trusting.” For more information on credit checks, Rob can be reached on 0870 444 3504. BUSINESS SERVICES Colin Turner Park Lane Partnerships T : 0870 444 3504 To minimize risk, follow these five steps: • Ask for references and check them out. • Ask around, your contacts Background checks are a might have a lot of useful necessity for all business rela- information. tionships. • Ask to meet at their offices. “Debt has become a big It is all too easy for a con issue for business during the man to give a false name past year. We expect our and address and disappear workload on debt recovery to with your money or goods. rise at least 20 percent since 2008,” said Commercial and • Establish a basic finanLitigation Agent Rob Colin cial picture of a prospect by Turner who works for Park looking into Equifax or other Lane Partnership. “You can online credit bureau. It is also lessen the chances of chashelpful to research court judging debt with a few relatively ments, individual involuntary quick and inexpensive prearrangement and look into cautions.” past bankruptcies. “We are often hired to trace • Remember professional

Table of Contents Feed for the Digital Edition of Nxt Manchester — Nov./Dec. 2008

Nxt Manchester – Nov./Dec. 2008 Contents Editor's Notes Nxt Challenge Scott Hider BNW: Angels Den BNW: Pink Ladies BNW: EEF BNW: CarbonZero BNW: Dennis Turner Nxtbook Stateside Nxtbook Europe MP Arlene McCarthy Career Profiles In The Spotlight Avoiding Business Fraud News Nxt News Events Listings (Nov./Dec.) Do the Nxt Challenge

Nxt Manchester — Nov./Dec. 2008

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