Business Insight Series – Chapter 6 Recovering a Debt.

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Presentation transcript:

Business Insight Series – Chapter 6 Recovering a Debt

How to recover a debt In this session

 Debt has tripled in 25 years  Primary cause of failure of businesses Some statistics on debt  1%

When does a debt become a bad debt? Warning signs

 Personal communication with a debtor Advantages Disadvantages Step 1

 Letter of demand Advantages Disadvantages Step 2

 Engaging a debt collector Advantages Disadvantages Step 3 (optional)

 Engaging a lawyer Advantages Process Step 4

 Magistrates Court (up to $75,000)  District Court ($75,001 - $750,000)  Supreme Court ($750,001 +) Recovering a debt in Court

What we need: 1. Full records 2. Timeline 3. Assets Debt recovery process

What we can do 1. Verify the facts 2. Issue a letter of demand and draft Magistrates Court claim 3. Negotiate with debtor 4. Issue Magistrates Court general procedure claim 5. Serve the claim Debt recovery process

6. Pre-trial conference (mediation) 7. Pleadings 8. Discovery 9. Trial preparation (witness statements, expert evidence) 10. Trial Debt recovery process

Different Methods: 1. Sale and seizure order 2. Means enquiry 3. Garnishee including bankruptcy/liquidation order 4. Anton Pillar Order Enforcement of judgement

1. Mortgage 2. Caveat 3. PPSA registration 4. Personal guarantee 5. “Section 78” Order Security for debt & how to enforce

1. Look out for the warning signs 2. Get it in writing (Legally) 3. Communicate, Communicate, Communicate 4. Document everything 5. Obtain legal advice early in the process to: a) Prevent costly errors; and b) Save greater costs further down the process To recover a debt

Questions & Discussion Recovering a debt

 Commercial contracts  Dispute resolution and litigation  Insurance and risk management  Commercial property  Insolvency and debt collection  Workplace law  Guarantees and securities COMMERCIAL PRACTICE

CHAPTER 7 Business Insight Series – Chapter 7 BUSSINESS SUCESSION FOR BUSINESSES On Tuesday 24 th November 2015 Business Insight Series – Chapter 7 BUSSINESS SUCESSION FOR BUSINESSES On Tuesday 24 th November 2015

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