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Debt Recovery
Corporate winding-up
When an individual’s debts grow to such an extent that they cannot ever hope to pay them, that person must go into bankruptcy. When a company cannot pay its debts it can also be put into corporate bankruptcy.
Letters of demand
You have sent your invoice, you have followed up with your statements, you have rung the debtor several times and still the debt is unpaid. It’s time to get a bit more serious.
Small claims advice
Most states have a Small Claims division of their local court to allow parties in dispute access to a less formal type of litigation.
Statutory demands against companies
If you are owed more than $2,000 by a company and you are concerned the company cannot pay the debt, you can serve on that company what is called a ‘statutory demand’ which gives the company 21 days to pay.