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TERMS OF BUSINESS

As at 21 March 2011

•1)              Quality Service: In all our dealings with our clients we aim to provide a high quality service, to find out what our clients want, and achieve it.  We try to work quickly and efficiently and we hope you find us friendly and approachable.  At the end of the transaction we hope you will think our fee represents good value for money.

 

•2)              Contacting Us: We are open from 9 a.m. to 5 p.m. Monday to Friday.  Our telephones are answered from 9.00 a.m. to 5.00 p.m. Monday to Friday.  If the person concerned is unable to take your call, or if we are closed for a local or statutory holiday, you can leave a message on voicemail or with another member of staff. Our fax line is open at all times.  We are also available to meet with you outwith normal hours by prior appointment.

 

•3)              Initial Meeting: We will be happy to have an initial telephone discussion or meeting with you to decide whether we can be of assistance to you.  The initial meeting is free of charge. 

 

•4)              Additional Meetings: We will be happy to arrange subsequent meetings but these are chargeable in line with our hourly charge-out rates detailed below.

 

Director	£290
Senior Manager	£250
Manager	£185
Senior Administrator	£110 - £125
Administrator	£60 - £85

 

 •5)              Instructions:  Instructions may be given to us in writing or verbally.  We may ask you to confirm in writing the terms of verbal instructions given to us. If there is any change in your instructions you must notify us immediately. If you wish anyone other than yourself to give us instructions or information, we will require confirmation of this in writing.

 

•6)              Conflict of Interest: In general, we cannot act for two or more parties if they have conflicting interests.  Please advise us at the outset if you are aware of potential conflicts which may arise.  If we decide that we can still act (i.e. if you are one of the exceptions to the general rule) we will confirm this to you in writing.

 

•7)              Liability: Unless we agree otherwise, in writing, we shall assume that where we act for more than one person but only one of them tells us what to do, that person has the authority of the other(s) to do so.  Where we do act for more than one person, each person for whom we do work is equally responsible for the instructions given to us and for payment of our fees and outlays in connection with that matter.  If you do not understand what this means, please ask us to explain.

 

•8)              Private Limited Companies: If we are given instructions by a private limited company then, unless otherwise agreed with you in advance, it is a condition of our accepting these instructions that the Directors are jointly and severally liable along with the Company for payment of our fees and costs and any interest thereon.    

 

•9)              Confidentiality: Information passed to us is kept confidential and will not be disclosed to third parties unless authorised by you or required by law.

 

•10)          Copyright and Third Parties: All copyright in documents we produce is reserved to us. Advice given and documents prepared are for your use only and may not be copied or used by any third party without our express written consent.

 

•11)          Regulatory Body: MLM is regulated by the Insolvency Practitioners Association (IPA) and is subject to its professional rules at all times.  Details of how to contact the IPA can be found on our Customer Service Standards, which is available on the document archive section of our website.  You can also find contact details on www.insolvency-practitioners.org.  MLM also agrees and abides to the Rules as laid down by the Office of Fair Trading who granted a Consumer Credit Licence.

 

•12)          How Long Will It Take:  Timescales vary depending on the assignment.  For an estimate on the length of time involved, please ask at your initial meeting.

 

•13)          Costs - General - VAT:   Value Added Tax is charged at the current rate on all fees and will be subject to the prevailing legislation at the time of our fee being rendered to you.

 

•14)          Costs - General - Outlays:  In addition to fees and Value Added Tax, Outlays incurred on your behalf (e.g. sheriff officers fees, court dues, registration dues) will be payable by you.  The costs will be chargeable to you at the market rate for such outlays.  In some cases, all or some of the outlays are not recoverable from debtors for varying reasons.  In cases such as that, you will remain liable to us for the full sum charged to you.

 

•15)          Deduction of Fees and Outlays at Source: Where we receive sums which are due to you we shall be entitled to deduct from those sums all outstanding fees and outlays before sending you the balance.

 

•16)          Costs paid on your behalf: Where fees, outlays or expenses are to be paid by us on your behalf, we will endeavour to give you details of these in advance in order that you may place us in funds before the sums are due.  If however we are unable to do so, we will require to be repaid by you within seven days of your receiving a request for payment of the appropriate sum.

 

•17)          Payment of our invoices/ Credit Terms:  With the exception of outlays only invoices, which are payable within 7 days of the date of issue, payment of all invoices rendered by us to you must be made within 30 days of the date of issue.  If payment is not remitted by you in that timescale then interest and compensation may be charged in terms of the Late Payment of Commercial Debts (Interest) Act 1998.  Further to that all reasonably incurred cost in pursing you for the debt, whether professional or otherwise, will be payable by you with interest to run at the rate of 10% per annum at the time the costs were incurred.

 

•18)          Clients' Money: Any money belonging to you and received by the Firm in the course of dealing with your business which is not required for fees or outlays shall be held in our Firms' client accounts with the Clydesdale Bank.

 

•19)          Money Laundering: The Money Laundering Regulations require us to be satisfied as to the identity of our clients and as to the source of any funds passing through our hands. In order to comply with these regulations we may need to ask for your proof of identity and any other information in relation to these matters.  We reserve the right to withdraw from acting for you if you fail to provide us with the information requested of you and required in connection with our Money Laundering procedures.

 

•20)          Request for return of Records: On completion of the work, and after payment of all fees and outlays due to us, you will be entitled to request return of any documents, papers, etc owned by you.   We reserve the right to make a charge to you for copying of these papers, and for postage for such returned documentation, prior to release thereof.  Alternatively, you may uplift the documents, papers, etc at a mutually convenient time, arranged in advance.  In that case a cost for copying of these documents, papers, etc may be made, but no postage cost will be chargeable.  

 

If a request is made for return, or copy of, any records stored/archived in accordance with these Terms of Business, then a reasonable charge may be payable in respect of the uplift of these records from storage/archive. 

 

•21)          Storage of Records: Unless we receive a request for return/uplift of documents, papers, etc within 30 days of our intimation of closure of our files we will arrange for storage of all papers relative to your transaction.  A standard charge of £30  will be made.  We reserve the right to store all client documents, records and papers in any form or at any location.

 

•22)          Dissatisfaction: If for any reason you are unhappy about the quality of service provided, you should put your complaint in writing.  We will acknowledge your complaint within 3 days of receiving it and will provide a full response within 10 working days of receipt.  If we are unable to meet this deadline, we will advise you of the reason and give you a revised timescale.  Your complaint will be dealt with by one of the company's directors. If you remain dissatisfied, you can ask another director to review the response.  If this does not resolve the matter, you are entitled to take the matter up with the Insolvency Practitioners Association or the Office of Fair Trading, whichever is most appropriate.

 

•23)          Whole Agreement: These terms and conditions, together with the letter accompanying them and any enclosed Estimate of Fees and Outlays, will form the whole agreement between us to carry out the work referred to in that letter.

 

•24)          Applicable Law: These terms and conditions are governed by the Law of Scotland.

 

•25)          Acceptance of Terms of Business: a copy of the Terms of Business to be signed, dated and returned to this office, please contact MLM for a copy for signature.