Business Debt Recovery Process
You can read here about the comprehensive, prompt and efficient debt recovery services that CBL Business Lawyers provides to large, medium and small company and business enterprises.
Unless you wish us to allow your debtors additional leeway, the process that we usually adopt at CBL when recovering your debt is to first sending a letter of demand requiring payment within seven days. If payment is not made within that timeframe legal proceedings are promptly commenced. For claims of $100,000.00 or less in the Victorian jurisdiction legal proceedings are commenced in the Magistrates Court. After service of Magistrates Court proceedings the debtor will in most cases have 21 days within which to file a defence or to make payment. If there is no defence and no payment we promptly enter an order in default of defence against the debtor, also known as a default judgment or default order.
After entering default judgment our process at CBL is to send one final letter demand requiring payment of the judgment debt within seven days. If payment is not made we seek your instructions as to the appropriate recovery action to take. It is often preferable to issue a Warrant to Seize Property, a Creditors Statutory Demand (for companies) or a Bankruptcy Notice (for individuals). We then follow through with your desired course of recovery action promptly and efficiently. We seek to recover your business debts as efficiently as possible in the shortest possible timeframe. When your company or business has supplied services or delivered goods then you deserve to be paid.
You can contact us for assistance or read more about our debt recovery services.
Published Articles
CBL has released the following publications relevant to this practice area:
- The Letter of Demand - Business Debt Recovery Article #1
- Commencing Legal Proceedings - CBL Business Debt Recovery Article #2
- Entering Default Judgments - CBL Business Debt Recovery Article #3
- Recovering Judgment Debts and Enforcing Monetary Court Orders - CBL Business Debt Recovery Article #4
- Warrants to Seize Property - CBL Judgment Debt Recovery Article #1
- Warrants of Seizure and Sale - CBL Judgment Debt Recovery Article #2
All other articles published by CBL Business Lawyers can be viewed via media and publications. Debt Recovery Process articles by author Nicholas Corr. Article publisher link to Find us on Google+
Useful Links
- Magistrates Court of Victoria: The Court for most debt recovery proceedings claiming up to $100,000.00.
- County Court of Victoria: The Court for most debt recovery proceedings claiming over $100,000.00.
- Australian Business Register: An Australian Government website to access publicly available information on the debtor. An ABN search may show you whether the debt is owed by an individual or a company or a trust.
