18-month-old overdue debt paid in 2 days29-November-2010 Commercial Disputes By admin
It pays to act on overdue accounts
Every business needs to manage their cashflow. Overdue accounts can make this hard. This case study demonstrates how bringing in Streeterlaw Sydney Lawyers speeded up the process dramatically.
- Aged debt in excess of 18 months owed to a corporation.
- Debt amount $10,000
The Debt Recovery Solution
Rather than simply writing a letter to the last known address the Streeterlaw legal team went to work. A series of telephone calls and searches enabled the legal team to identify the correct contact telephone number for the director of the debtor company.
A debt recovery letter of demand was dispatched informing them of the consequences of their failure to pay the debt within the prescribed time frame.
An SMS was dispatched to the director’s mobile phone number notifying him of the imminent arrival of the debt recovery letter and inviting him to contact our Sydney office to arrange payment.
Debt Recovery Result:
Full payment by cheque of the $10,000 debt was made within two days of dispatch of demand letter.
Debt Recovery Cost:
Debt recovery costs to the client were less than 1.2% of the value of the debt.
“We don’t know why we waited so long to get you involved – thanks for all your assistance and advice. We so rarely have any debtors that the commencement of legal action was outside of our comfort zone.
I have no hesitation in recommending Streeterlaw for the recovery of commercial debts – it certainly worked for us.”