‘Neither a borrower nor a lender be’ ………. but in today’s society, most businesses accrue some bad debts – and these can affect the operation of your business critically.
Lawyers experienced in a broad variety of debt matters servicing Dandenong and surrounding areas.
Maintaining cash flow is essential to any business and chasing up debtors takes you away from what you do best – developing your business.
Most debt matters are settled by negotiation. We take a practical approach to debt collection – initially, we send a formal letter of demand to the debtor. This shows the debtor that you are serious about pursuing the money owed to you and often a letter from a lawyer is sufficient to persuade a debtor to pay. We can negotiate a settlement or draw up a payment plan if necessary.
But if a debt remains unpaid by the requested time, you may need to commence proceedings in court to recover the money owed to you. The court you issue in will depend on the amount of the debt and a settlement can be reached at any stage of the proceedings.
The court process varies according to whether the debtor is an individual or a company
- If the debtor is an individual – once you obtain a court judgment against the debtor, you can enforce that judgment in various ways (for example, by
- If the debtor is a company – you first need to serve the debtor with a statutory demand (where a debt is $2,000 or more). If the debtor does not pay or enter into an arrangement with you within 21 days after being served with the statutory demand, the company is deemed to be insolvent and you may apply to a court to have the company wound up.
We understand that it’s important that you be paid money you are owed as quickly as possible. At Fleming & Rhoden Lawyers, our experienced lawyers can give you practical and cost-sensitive advice to guide you through the debt recovery process so that you get paid sooner.
Our highly qualified team of professionals can also assist those located in Dandenong and surrounding areas with Conveyancing & Property Law services, helping clients through the buying and selling of property.