Today I will help you to understand some terms which may be used if you put yourself in trouble with not paying business rates:
CREDITOR: a creditor is a term used to describe any person or organisation which has provided credit to a company. It could be a bank, supplier, person, or council authority. So basically this is the place you borrowed the money from or where you owe money by not paying your bills (for example electricity bill).
DEBTOR: is a term to describe the opposite of creditor. Simply saying a debtor is one party who owes money to another.
ENFORCEMENT: is the process of making sure that people obey something such as a law or rule. By enforcing laws and regulations, government attempts to put into force successful implementation of policies.
ENFORCEMENT AGENCY: is an agency responsible for enforcement the law.
ENFORCEMENT AGENT: is formally known as a bailiff. Enforcement agents are usually sent to collect outstanding council tax and business rates debts from you. Enforcement agents will visit you if you arranged to make payment but you did not pay.
TAKING CONTROL OF GOODS REGULATION: The Government designed regulations to reform enforcement processes in England and Wales. This is to protect the public from often aggressive and unregulated bailiffs by bringing clarity to the procedure. The Taking Control of Goods Regulations, part of the Tribunals, Courts and Enforcement Act 2007, came into effect on 6th April 2014.
If you have any questions regarding business rates, bailiffs or Taking Control of Goods Regulation, please contact Business Rate Advisors Ltd.