I think this area should be regulated - both for the interest of both parties.
As a business owner, its a nightmare trying to collect money, and its an expensive process bringing people to court. Advice from solicitor when chasing a 4000 debt was, its not worth it!! there should be a system in place to protect the business owner.
However, I also think debt collection agency need to be regulated. It has been stated in the media that some unsavoury individuals with criminal records are setting up as debt collectors on behalf of desperate businesses and will use any means to collect the debt.
Therefore yes, I do think there needs to be major reform on both sides.
cheers caz