Protect Payment From Bebotrs – Semantic Taxgen Pvt Ltd

Protect Payment From Bebotrs

Recovering a Company Debt

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Recover a Bad Company Debt In India

If you’ve exhaustively chased a customer and there’s still no sign of a payment, it’s time to consider the possible legal action you can take. Sometimes, there’s simply no choice but to to escalate the situation further to ‘encourage’ a customer to pay.

There are no excuses for failing to make a payment. But there are cases when a customer becomes insolvent and simply doesn’t have the money to pay. In that case you should follow the points listed here when considering what action to take, including various legal steps you can take to recover what is rightfully yours.

Try to Speak to The Debtor in Person

Sometimes a polite but firm call can be all that’s needed to get things moving. It’s always worth speaking to them in person before escalating the situation further.

Send Written Reminders, Keeping Record of Each

Send written reminders are periodic intervals, threatening legal action if you feel that’s a path you are prepared to go down.

Find a Debt Mediation Service

It’s worth remembering how expensive and time-consuming debt recovery can be, before skipping the opportunity for mediation. Mediators are professionals trained in the art of helping parties reaching a settlement. They are skilled negotiators and will actively seek the middle ground where you can make an effective deal.

Write a Letter Before Action (LBA) Final Warning

Writing an LBA generally has a powerful affect on debt recovery situations. This is essentially a final demand letter,which should confirm:

  • exactly what monies are owed
  • a clear timeframe (ie 14 days)
  • what the consequences will be (ie. type of legal action) if they do not pay
  • You can also state that any proceedings which follow will also include a claim for Court fees and costs where applicable

County Court Proceedings

In many cases, the first step is to issue county court proceedings. This will give the debtor 14 days to pay you the amount owed or to make an arrangement to pay by instalments.

Controlled Goods Agreement

A controlled goods agreement allows creditors to instruct a bailiff company to recover the debt on their behalf.

Charging Order

In certain circumstances, as a creditor of the company, you can apply for a charging order to be placed on one of the customer’s assets.

Statutory Demand

A statutory demand is a formal demand for payment from a debtor that sets out why the demand has been set, when the debt must be paid and the repercussions if the payment is not received.

Winding-up Petition

As a company creditor, you have the power to ‘wind up’ a business if they ignore or fail to pay a statutory demand.

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