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When a business cannot recover its accounts receivables internally, it is essential to engage legal professionals who specialise in debt recovery before cash flow issues overcome the business.
This brings us to a question often asked by Credit Managers and those within the trade credit industry more generally: “Should I engage a law firm or another agent to collect the debt?”.
Contracts do not need to be complicated or convoluted, but they do need the right Terms and Conditions in place to ensure your business is properly protected. A robust set of Terms and Conditions can eliminate loopholes and put your business in the best possible position to recoup monies owed.
Having appropriately worded Terms and Conditions can mean the difference between a successful recovery and a write-off.
This article outlines theTerms and Conditions that trade credit suppliers should consider within the context of a Commercial Credit Agreement.
Risk is when your loss can easily surpass your gain – severity of that loss can come down to exposure and vulnerability of your business.
In many industries, risk takes various forms and the risk factors that could affect your business the most are could be external – economic downturn and insolvency.
This piece from Holman Webb's Commercial Recovery and Insolvency Group takes a look at the concept of risk, what those working within a credit function need to know - and how Holman Webb can help.
In April 2022, the ATO issued 50,000 letters of demand to company directors giving them 21 days to resolve tax liabilities.
Historically, once ATO and major banks start escalating collection activity, it’s not uncommon to see insolvencies rise.
This piece from Holman Webb's Commercial Recovery and Insolvency Group highlights the impact that the ATO's issuance of these letters is likely to have within the building and construction industries.
In Episode 10 of Legal Lockdown, Adriana Giometti speaks with Chris Hadley, Partner within Holman Webb's Commercial Recovery and Insolvency Group, to discuss a range of COVID-19-related changes brought about in the debt recovery space.
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