One of the most important cornerstones of any successful business is managing cashflow. Your business can be unexpectedly challenged financially and in the worst case its very survival threatened if your clients do not pay for your goods and services in a timely way.
At Nick Xenophon and Co Lawyers we can assist you in getting your outstanding bills paid quickly and where appropriate with interest and costs reimbursed, without destroying the valuable relationships you have with your clients.
First and foremost, we will consult with you to determine a strategy for the debt collection. This will allow us to outline a “recovery strategy” based upon your agreement with the debtor, the status of the debtor and your business needs.
We take a common sense approach to recover debts using non-litigious approach in the first instance, saving you unnecessary costs, time and stress.
Litigation for Collection of Debts
Where litigation is deemed appropriate we can assist you with the preparations of a:
- Letter of demand
- Statement of claim
- Order to seize the goods to sell in order to repay the debt,
- Examination summons (requiring the debtor to attend Court to display how they will satisfy the Judgement)
- Garnishees orders (whereby the Court can order a third party to pay money to a creditor instead of a debtor)
- Bankruptcy proceedings (for an individual debtor) or winding up proceedings (for a the company).
Risk Mitigation – Minimising the Potential for Bad Debts
While the prospect of bad debts is part of everyday business we believe that there is much you can do to minimise the risk to your business. We provide our clients with risk mitigation services to pro-actively protect your business from bad debts in the future. We can advise you on a number of strategies including:
- Customer creditworthiness assessments and setting appropriate credit limits
- Introducing special payment terms for new clients
- Reviewing contracts to ensure they contain appropriate terms and conditions
- Reviewing your business’s debt collection procedures
No Obligation Free Consultation
We welcome the opportunity to meet with you to discuss how we can assist with debt collection for your business and ways to minimise the risk of bad debts in the future. To show you how we can provide you with practical cost-effective solutions and add value to your business, we offer you a free no-obligation initial consultation with one of our experienced business lawyers.
Call us now to talk about your Debt Collection and Risk Minimisation Strategies on a no obligation basis. You have nothing to lose and everything to gain.