Some debtors are not willing to give up assets to debt collectors. These debtors may actively hinder a collector’s efforts to locate and collect assets to resolve repayment obligations. There are several lawful ways debtors can safeguard assets from collections when...
Dealing with debts owed can be a frustrating experience, as sometimes the courts are the only recourse for creditors seeking to collect outstanding debts. The courts may proclaim judgment allowing creditors to pursue various avenues for debt collection. When judgment...
Client and customer debt is a silent strangler, slowly squeezing the life out of far too many companies. From banks to international traders, unpaid invoices can cripple operations, hinder success and threaten your company's very existence. Engaging a debt collection...
When you run a business-to-business (B2B) operation, one thing you quickly learn is that consumers aren’t the only debtors who can be slow to pay their bills. Some businesses seem to think that due dates on the invoices they receive from their suppliers and...
Running a business can be complicated. There are very few companies that can afford to go on without receiving prompt payments from clients. If you provide goods or services at a high standard, then it’s only fair that you are paid appropriately. Sadly, there are...
When a business sells goods or services on credit, it issues an invoice detailing the transaction's terms, including the payment due date. The amount specified in the invoice becomes a trade receivable until the customer settles the debt. Managing trade receivables...
Running a business comes with numerous responsibilities. Ultimately, the company needs to be profitable, which means clients paying the agreed amounts on time. Unfortunately, it doesn’t always work out this way, and clients may refuse to pay up, despite you having...
Running a business comes with its share of downsides. One of these is having to deal with clients who do not pay their debts. There is no doubt that this can be frustrating, to say the least. So, what do you do if all attempts to collect the debt have failed? In this...
When someone has a significant amount of debt that they have not repaid, one potential tactic that can be used to recover what is owed is wage garnishment. This is the process of taking the debt out of the person’s wages. It is done in small installments, typically...
What happens if a business that owes you money informs you that it’s insolvent or an insolvency order is issued by the court? What does that mean for your ability to collect what it owes you? First, it’s important to know what insolvency means and to understand the...