debt recovery lawyers on the Sunshine Coast debt stress

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Debt recovery lawyers assist clients through the legal procedure that can be initiated by a creditor to recover monies owed by a debtor.

Maintaining cash flow is vital to business success. Unfortunately, if you operate a business it is inevitable that you will have bad debts occasionally.

It can be a stressful experience if you or your business are owed money.

Ensure you have the necessary support from the beginning. A Sunshine Coast debt recovery lawyer can assist you or your business to recover any monies owed and to implement strategies to minimise the instances of non-payment of client accounts in the future.

Likewise, if you are being pursued for money that you don’t owe and the creditor or debt collector will not respect your position, then a Sunshine Coast debt recovery lawyer can advise you as to your rights and responsibilities.

Debt recovery lawyers can provide advice and assistance in relation to:

Statutory Demands
Set-aside Demands
Winding Up Applications
Bankruptcy
Commercial Litigation
Construction Disputes

Letters of Demand
Contract Advice
Debt Recovery
Insolvency Advice
Enforcing Judgments
Enforcing QCAT Decisions

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Debt Recovery Lawyers

In Queensland, the debt recovery process is initiated with a formal letter of demand.

This letter outlines your concerns in writing and stipulates to the other party:

The quantity of the debt that is owed;
Who is liable to pay the debt;
The means by which this debt was incurred;
The nominated method of payment;
The date by which the debt should be paid; and
The consequences of the debtor’s failure to comply with the letter of demand in the specified timeframe.

The composition of the letter should take into consideration the following:

Should the letter of demand be provided on a lawyer’s formal letterhead?
Do you wish to have subsequent dealings with the debtor, or will the recovery of the debt signify the conclusion of the business relationship?

If the debt is not resolved via a letter of demand, then a debt lawyer on the Sunshine Coast will be able to initiate proceedings for debt recovery.

Debt Recovery Lawyers & Legal Proceedings

In order to commence Court proceedings, a Claim and Statement of Claim must be filed with the Court.

This involves Court filing fees, as well as the cost of the lawyer’s advice and time writing the documents.

When the legal documents are served on the debtor, they have 28 days to file and serve a notice of intention to defend and defence.

The debtor may also try to do the following:

Service the claimed amount;
Negotiate a settlement or payment arrangement; or
Acknowledge the debt and enter into a repayment plan.

If the debtor fails to perform any of the above steps, then the creditor may apply to the Court for a default judgement in their favour.

Once the default judgment has been granted, the creditor may then enforce the judgement and recover the debt.

Sunshine Coast debt recovery lawyers have extensive experience and can guide you through the claims process to achieve the best possible outcome for you or your company.

On the other hand, if you have had a default judgement obtained against you, then it is possible to have the judgement set aside.

An expert debt recovery lawyer on the Sunshine Coast can advise you of your rights and represent your interests.

Debt Recovery Lawyers & Statutory Demands

When a debtor is a company, a formal demand known as a ‘statutory demand’ can be issued.

Under s 459E of the Corporations Act (Cth) 2001, an individual may serve a statutory demand on a company if they are owed debts that exceed the statutory minimum (currently $2000) and the debt is due and payable.

The statutory demand must be accompanied by an affidavit in support.

If the company does not respond to the statutory demand, apply to the court for the statutory demand to be set aside, action the debt or otherwise comply with the statutory demand within 21 days, then the company is presumed to be insolvent.

Consequently, proceedings for the company to be wound up may be initiated.

A debt recovery lawyer can walk you through this process and advise the best course of action to recover your debts.

If your company has been served with a statutory demand, it is vital that you seek legal advice immediately as the process has profound effect on your business.

A debt recovery lawyer on the Sunshine Coast will have the expert knowledge and experience to advise your next steps in this crucial period for your company.

Sunshine Coast Debt Recovery Lawyers

Debt recovery can be a long and frustrating process.

From preparing letters of demand, to initiating Court proceedings or serving a statutory demand, a debt recovery lawyer on the Sunshine Coast will be able to help you recover debts owed to you or your business.

Equally, a specialist local lawyer is able to assist and advise your response to any adverse action taken against you or your business.