Articles related to ‘Debt Collection’
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
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
Friday, 2 July, 2010 | Alan Knowsley
To strengthen your recovery position when providing credit to a limited liability company, personal guarantees should always be obtained from Directors.
A trader recently provided credit to a company even though the Director of the company had deleted the section in the Credit Account Application relating to personal guarantees. The company has not met its obligations and the trader has endeavoured to recover the money owing without success.
We… Continue reading
Thursday, 27 May, 2010 | Alan Knowsley
In a recent case the creditor was unable to chase one of the debtors because they had not signed the credit application and this had not been noticed at the time.
The credit account application was filled out in the names of a husband and wife but only the wife signed the application. The husband could not therefore be sued for the outstanding debt when the account was not… Continue reading
Thursday, 6 May, 2010 | Alan Knowsley
John had been operating his business successfully for many years, but had recently experienced some cash flow problems. This was a flow on effect from his debtors suffering from the current economic climate. He had attempted to give them some leeway, but his own creditors were not as accommodating. One of his creditors began debt recovery processes against John in the District Court. Unfortunately for John, being unaware of the… Continue reading
Wednesday, 14 April, 2010 | Alan Knowsley
In these tough economic times, you may need assistance at times with debt management, how to avoid bad debts, how to deal with debts that go bad, maximising your chances of getting paid, terms of trade or security interests.
Tracy Robinson will be running a seminar to assist in these areas. This will be held in a relaxed atmosphere with plenty of time for questions. learn practical… Continue reading
Wednesday, 14 April, 2010 | Alan Knowsley
In these tough economic times, you may need assistance at times with debt management, how to avoid bad debts, how to deal with debts that go bad, maximising your chances of getting paid, terms of trade or security interests.
Tracy Robinson will be running a seminar to assist in these areas. This will be held in a relaxed atmosphere with plenty of time for questions. learn practical… Continue reading
Wednesday, 24 March, 2010 | Alan Knowsley
In these tough economic times many debtors are holding back and delaying making payments unless put under pressure to do so. I have recently acted for several firms who have been under financial pressure due to their debtors delaying payments. timely action has resulted in immediate payment of the debts much to the relief of the clients. Their poor cash flow was threatening their business but they are now back… Continue reading
Monday, 18 January, 2010 | Alan Knowsley
In these tough economic times you may need assistance at times with debt management, how to avoid bad debts, how to deal with debts that go bad, maximising your chances of getting paid, terms of trade or security interests.
Tracy Robinson will be running a seminar to assist in these areas. This will be held in a relaxed atmosphere with plenty of time for questions. Learn practical… Continue reading
Tuesday, 15 December, 2009 | Alan Knowsley
Many businesses and debt collectors risk prosecution from the Commerce Commission.
If you:
- Demand collection fees or late payment fees when they were not part of the contract;
- Warn debtors that non-payment of the debt will have inevitable legal consequences;
- Employ a debt collector who demands collection fees on your behalf when not part of the contract;
- Are a debt collector who demands such
