If your company owes money to another business or person, that person is called a creditor. In some circumstances, a creditor can make an application to wind up your company in insolvency. Insolvency means that your company is unable to…
In a perfect world, all customers would pay their debts on time and in full. However, all business owners know that unpaid debts are a common part of doing business. Nevertheless, there are some steps you can take when entering…
Across New South Wales (NSW), owners corporations of strata schemes sometimes incur significant amounts of debt due to unpaid levies. This stresses the importance of having effective strategies when collecting levies. Levies may be unpaid because: new strata owners don’t…
If you’ve completed the job, issued an invoice and the client hasn’t paid you yet, it can be difficult to know what to do next. Assuming that you’ve upheld your side of the deal, the law will be on your…
Unless you are being paid in advance for your services, it is likely that debt recovery is a reality of your business’s regular activities. Recruitment firms are no exception. While there are many strategies available to help you recover a…
No business wants to spend money trying to recover an outstanding debt. It’s time consuming and frustrating to chase money that someone owes you. In many cases, creditors will do whatever they can to try and recover an outstanding debt before…
Debt recovery court proceedings can be difficult to navigate if you are unfamiliar with legal documents, procedures and attending court. This article will give you the basics on what to expect when recovering your debt if court proceedings commence. Which…
If you have been served with a statement of claim, you need to act promptly. Crucially, if you fail to respond, the court may enter a default judgment against you. Overall, the steps you should take to respond will depend…
You took the first step in enforcing your legal rights by sending a letter of demand, requesting that the other party take action and fulfil their obligations. The deadline you specified comes and goes with no response. This can be…
Debt recovery settlements primarily occur when a debtor finds themselves unable to pay back a debt straightaway or in its entirety. The parties re-negotiate the debt in a way that is more realistic for the debtor. In this article, we…
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