Owed money? The time to review old debts is now!

 

 

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Photo Credit: Alan Cleaver via Compfight cc

 

The economic collapse in 2008 hit many businesses and left many owing money that may have been assumed to be irrecoverable.  But it is worth reviewing whether those who


owed you money in 2008 are now in a better financial position and able to pay.  Unless the debt was cleared through a bankruptcy arrangement or company closure, chances are that it is still owing and capable of being pursued.

So why now?

Most debts arise out of a breach of a contract, where money was owing for goods or a service that hasn’t been paid.  In these cases any claim to recover the amounts has to be made within 6 years of the breach of contract.  Those that stopped being paid in 2008/09 are fast approaching this deadline.

A debt created by deed or instrument under seal is, however, extended to 12 years.

Next steps

The simplest step is to do a credit check on debtors (we can do this for you) to see whether the debt is worth pursuing.

We work in conjunction with a debt recovery company, the Cash Protection Agency, who are highly effective at recovering debts that others have given up on.

 

 

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