The Role Of A Debt Recovery Lawyer

The Role Of A Debt Recovery Lawyer

When running a business, there is the unfortunate, but realistic, risk of dealing with clients or other commercial stakeholders who cannot pay their debts to you.

Sometimes it’s a matter of honest forgetfulness or oversight, but other times they debtor may be avoiding payment on purpose for numerous reasons.

Either way, as a business operator, you need to retrieve your money for profitability purposes and for good cash flow.

Having business debt acquiring isn’t a good position for any business.

How Can I Recover My Debts?

When considering how to recover your debts, there are many avenues you can take with a number of professionals who can assist. A debt recovery lawyer in Chatswood is one of them along with a debt collection agency.

People sometimes confuse the role of a debt collector and a debt recovery lawyer in Chatswood.

Both are different with their approach to debt collection; however the end goal remains the same - help you get the money owed to you back as soon as possible.

If you’re in a position where you require some small business legal advice in Chatswood about your debt recovery concerns, contact TY Lawyers for a confidential discussion.

So what can a debt recovery lawyer in Chatswood do to help you recover your debts? Let’s take a look now.

Debt Recovery Lawyer Chatswood

A debt recovery lawyer in Chatswood, like TY Lawyers, will assist you with recovering your debt by following a number of steps:

  • Communication and negotiation with debtors – a key first step in attempting to recoup the monies owed. The possibility of formal legal action is sometimes enough to get the debtor to take action and pay their debts
  • Writing and sending letters of demand
  • Undertaking dispute resolution measures and recommendations, depending on the relationship dynamics of the two parties in question
  • Formal legal action and enforcing judgments
  • Issuing statutory demands to pay the debt within a specified and clear timeframe, or else risk other legal implications, for example, the debtor’s company can be wound up or deemed insolvent if they do not pay within a mutually agreeable timeframe
  • Bankruptcy and creditor’s petitions, if required

It’s important to note that not all steps will need to be undertaken by a debt recovery lawyer in Chatswood – this is just a formal outline of all the steps that can take place should a resolution not be arrived at.

If the debtor pays their debt at step 1 of the debt collection process, then no further steps will need to be taken.

Debt Collectors

Debt collectors use strategies that involve persistence, correspondence and negotiation, however generally they have limited options if a debtor simply refuses to pay due and therefore may not be able to assist further if the dispute escalates to formal litigation.

Debt recovery lawyers in Chatswood use a more formal approach with a wider range of options available, as previously outlined in this article.

Engaging a debt recovery lawyer lets your debtor immediately know that you are serious about retrieving the debts and a debt recovery lawyer can give you professional advice on your prospects of success, should the case go to court proceedings.

TY Lawyers are expert debt recovery lawyers in Chatswood and can assist with small business legal advice if you’re in a position where you need help getting your debts paid.

We provide small business legal advice in Chatswood, so please get in contact if you require our advice or services, we’re more than happy to assist you!

Call TY Lawyers today on: (02) 8007 0135.

Please wait...