Rainey Collins Lawyers

Where does your money go when a debtor company goes bust?

Tuesday, 7 December, 2010 | Andrew Greig

If you have not taken proper steps to protect the credit you have given your money usually goes up in smoke or into the hands of those creditors who did protect themselves.

If lending to a company you should:

1. Do proper credit checks on the company.  Has it got an established good credit history?
2. Get personal guarantees from people who can meet the debt if the

Helping debtors to keep their promises

Tuesday, 7 December, 2010 | Alan Knowsley

When you call someone about an overdue account, more often than not, you get a promise to pay.

This article is about some of the things we can do on the phone to get people to keep their promises. Here are five ways, many of them very simple, to help customers remember what they have promised to do.

1. Repeat, repeat, repeat.

Repeating the key message a number of… Continue reading

Don’t let your debtors skip the country with your hard-earned profit!

Tuesday, 7 December, 2010 | Alan Knowsley

There are an increasing number of Kiwis living overseas who owe millions of dollars in fines, child support, overdue student loan payments and overdue accounts to creditors.

There are steps you can take to minimise the risk of debtors fleeing overseas to avoid payment of their debts and in some cases to stop them leaving.

I was asked recently by a client to recover a substantial debt owing… Continue reading

$100,000 recovered promptly for three very grateful clients

Tuesday, 7 December, 2010 | Alan Knowsley

We all like to get our money from debtors and into our pocket where it belongs.  Sometimes we just need to persevere with the right techniques.

I was asked in 2003 by three clients to recover debts totalling almost $100,000 which in the main had been outstanding for a considerable time and had resisted all their attempts at recovery.

In the first situation our client was anxious to recover… Continue reading

Vital tips for getting paid by debtors

Tuesday, 30 November, 2010 | Alan Knowsley

You know that they owe you the money but a Court needs proof.

Documenting your transaction is a usual business practice but often when creditors are trying to collect their debts they will have discussions with debtors who make promises to pay.  These conversations can be vital to recovering the cash if the debtor later tries to avoid liability for the debt.

When ever you have contact with… Continue reading

Debtors – how to get paid in full and on time

Tuesday, 30 November, 2010 | Alan Knowsley

A recent case highlights the need to:  (a) get contractual details confirmed in writing and (b) arrange security to cover what you are owed.  A supplier of industrial equipment received an order worth over $300k.They proceeded with the supply and installation without having any written contract with the purchasing company or any personal guarantee to protect them should the company turn out to not have sufficient funds or assets to… Continue reading

Business operators seriously concerned about getting paid may be able to quickly freeze a debtor’s assets

Tuesday, 30 November, 2010 | Alan Knowsley

In the running of your business you may find that you have serious concerns about getting paid by a debtor.

In certain circumstances the Court can order that the debtor’s assets be ‘frozen’ until a final judgment can be made about the debt. In urgent situations the Court can make an order before you have time to put together all the documents needed for a full Court case against… Continue reading

10 Tips on how to avoid having bad debtors

Tuesday, 30 November, 2010 | Alan Knowsley

If your debtors don’t pay you promptly (or at all) your business can be put at risk.  Taking some simple steps before giving credit, and acting quickly if a debt goes bad, can make all the difference to getting paid.

Here are some useful tips to help with making sure you get your money into your account where it belongs:

1. Collect information from the customer before giving credit

Voluntary Administration – How Can it Save My Company?!

Tuesday, 30 November, 2010 | Alan Knowsley

What Is Voluntary Administration?

The point of the voluntary administration regime is to give companies that are insolvent or look likely to become insolvent in the near future a better chance of surviving – and the sooner an Administrator is appointed, the better it will often be for the company’s chances.  If it is not possible to rescue the company then the objective of the Administration is to get… Continue reading

Bankruptcy Procedures: Act Quickly to Avoid Your Debtors Giving You the Slip

Tuesday, 30 November, 2010 | Alan Knowsley

Bankruptcy procedures give debtors a way to avoid paying up.

Debtors contemplating voluntary bankruptcy will be required to complete and submit detailed information about their financial affairs in a “statement of affairs”.  The Official Assignee will use the information contained in the statement of affairs to determine eligibility for entry to bankruptcy or one of the alternatives.  The Official Assignee will do a preliminary investigation to confirm the accuracy… Continue reading

Tuesday, 31 January, 2012

TV 1 Breakfast Show

Thursday, 26 January, 2012

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