Is your business losing money because clients don’t pay on time or at all? Is your debt recovery process failing to recover the money owed to you? If so, Bailiwick Legal can help.
With the new financial year having just commenced and the end of the calendar year right about the corner, this time of the year is a common time for debt recovery action to be taken. However, businesses should be mindful as to the approach taken to recover due and owing monies and the quality of debt recovery assistance sought.
When monies become due, a business’s first point of call is usually to a debt collection agency. The agency may make a few phone calls and send a few emails/letters, but if the debtor still does not pay, the agency will often then refer the business to a lawyer to commence legal proceedings.
So why not engage a lawyer from the start?
There are many advantages to engaging a lawyer from the start to recover the debt:
At Bailiwick Legal, we have a wealth of experience in debt recovery actions. We can assist you from start to finish and can tailor the process to your specific situation.
Our first step when recovering unpaid monies is to issue a formal Letter of Demand to the debtor. This can be a relatively inexpensive and effective way of recovering a debt.
The Letter of Demand will be a last written demand for payment of the debt to be made within a specified time period. It puts the debtor on notice that if they fail to comply with the terms of the Letter of Demand, they risk further action being taken against them, including the commencement of legal proceedings.
A Letter of Demand can be effective because it:
If the Letter of Demand is not complied with, there are a variety of options available to the business to recover the debt.
So, if you find yourself in one of the below situations, get in contact with us to find out how our services can be of benefit to you:
By Danielle Williams (Solicitor)
If you would like further information in relation to how the above matters may affect your business, please contact us on (08) 9321 5451 or by email at firstname.lastname@example.org.
For further information about our legal services, please visit our website: https://www.bailiwicklegal.com.au/
The above information is a summary and overview of the matters discussed. This publication does not constitute legal advice and you should seek legal or other professional advice before acting or relying on any of the content.