We have operated a system of credit with a customer and recently they have defaulted in their payments. We have heard rumours they may be in trouble and need to know what we can do to recover the money due to us.
Your Terms of Business and practices adopted in the past with this particular customer will establish the nature and terms of your contract with them.
There are many options to recover disputed debts. If court action is required we have extensive experience in pursuing debt and enforcing decrees (court orders for payment). In cases when the debt is not disputed then service of a Statutory Demand (effectively an immediate demand for payment which if ignored can lead to insolvency) may be a quicker and a more effective means to recover the debt.
Court action is not the only option. There are many alternatives which may be more suitable, especially if you want to maintain ongoing business relations with the debtor.
You should always be mindful of the potential costs involved in debt recovery and an early check on the credit worthiness of the debtor is usually worthwhile. We can advise you further on the procedures, methods and costs and pursue the most effective methods for recovery of sums due to you.
