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DEBT COLLECTION NOTICES




Have you received a debt collection letter?

  • Do not ignore it
  • Do not risk further legal action
  • It could end up in financial disaster

Using the services of a debt collector is a common recovery mechanism for creditors. The Australian Taxation Office and other government agencies now use debt collectors to collect unpaid tax and statutory penalties from companies.

Debt collectors are highly motivated to collect debts as they mostly only get paid if they collect the debt. With commissions starting as low a 2% many companies are willing to pay much more to collect their money.

The process is quite simple, and usually commences with a debt collection letter, which is followed up with a number of subsequent letters.

If the letters are ignored, the creditor and debt collector may then choose to progress to legal actions.

The most common legal action debt collectors commence:

STATEMENT OF CLAIM

Creditors are able to recover debts by issuing a Statement of Claim against a company. If the Statement of Claim is not defended within a certain time frame, a creditor can then proceed to obtain a judgement debt against a company.

STATUTORY DEMAND

A creditor has the power to issue a Statutory Demand. A company who is served with a Statutory Demand has a period of 21 days to either:

  • Pay the amount owed; or
  • Approach the Court to have the Statutory Demand set aside

If your creditors are taking these actions you need to act quickly or risk losing control.  Your creditors are telling you time is running out VERY FAST

Engaging specialty advice early is critical to turning around and saving your business and protecting your home and assets.

A matter of a few weeks or 3 months can shift the probability of saving your business from as high as 80% to less than 20%.

  • You use an expert for finance
  • You use a sales expert to improve sales
  • Why then when your business is in trouble would you just muddle through?

It is important that you explore all the options as every company has different circumstances and the right decision is vital in order to maximise the outcome. The earlier you act, the more options there will be available to you.

Our qualified staff use their extensive knowledge and experience to ensure you get the solution that is right for you. Further the business is given the best opportunity to survive. You will have all the information and support that you need to make a decision whether to liquidate your business or continue to trade.

In fact whether a Winding Up Notice has been issued or if the company is just behind with its bills our qualified consultants will be able to explain your position and identify the specific solutions for you