NV Lawyers
Level 1, 83 York Street
Sydney NSW 2000
Australia
Telephone +61 2 9384 0399
Facsimile +61 2 9299 4448 |
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| Overdue
Accounts |
Cash
flow is an incredibly important commercial reality of any business.
It is vital that businesses focus on the solution to
cash flow concerns. There are many ways of clearing up 45 day plus
accounts!
These include:
Outsource Collection:- It is common business practice to
outsource the collection of debts as soon as they reach a
predetermined age. Each corporate entity has their own level
of comfort with the age of the debt that they carry and to
a certain degree this is a function of the custom in their
industry, their market power and their terms of trade. There
are many mercantile agents who will recover the debt on a
fixed fee per service or on a commission basis;
Enforce it:- You may refer the debt to a lawyer to commence
proceedings for recovery;
Factor the debt:- that is, sell the debt at a discount to
a commercial agent who may then seek to recover or enforce
the debt. The commercial agent will investigate your ‘book’ and
will rate it based on the average age of the debt, the average
size of the debt, the prospects of dispute, total value and
other relevant risk aspects of the debt;
Insurance:- Some insurance companies in New South Wales
offer insurance policies called ”debtor account insurance’’ to
protect businesses against trade debt default;
NV Lawyers act for corporations directly
as well as mercantile agents in the recovery of debt. We
act for lenders in the enforcement of mortgage securities.
We have proceedings in Local, District and Supreme Court
of New South Wales. We are familiar with the insolvency processes
of the Supreme Court and bankruptcy procedures in the Federal
Court;
Debt Recovery:- Debt recovery should be a commercially considered
process. Progress should be reviewed at each phase of the
enforcement or litigation process and commitment made afresh
to the strategy and outcome sought. Telephone Steven Taleski on 02 8235 9300 to discuss your particular circumstances.
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