Temporary Changes to Bankruptcies and Liquidations – The Federal Government’s Coronavirus Response
Below is an outline of the changes made to the insolvency rules around Creditor’s Statutory Demands and Bankruptcy Notices. These changes apply whether or not a judgment has been obtained. What are the changes? The Government has brought in immediate temporary measures to: Increase the threshold at which creditors can issue a Statutory Demand on […]
8 Ways to profit from and protect your business in an economic downturn
Here are 8 actionable strategies that focus on customers, reputation and credit management: 1. Recover your cash This is the easiest and most obvious step to take. Afterall, you’ve already done the work so now you need to be paid for it. Have your AR/Credit management team focus on your due and 30-60 day debtors […]
Effective Credit Management – Part 1
This is the first in a series of articles discussing the importance of credit risk management to all businesses that provide trade credit. In Part 1 we discuss the cost of bad debts, the correct approach to opening a new account and the role of a collection agency in recovering overdue debts. A businesses accounts […]
Redefining Retail – Over 150 Retail Store Closures Announced
The first quarter of a new calendar year often sees a spike in insolvency, but if what has been announced already in the first weeks of 2020 is anything to go by, credit providers will be keeping a very close eye on the retail sector this year. Retail has always been a tough business and […]
The Australian Taxation Office (ATO) now has additional powers
The Australian Taxation Office (ATO) now has additional powers thanks to new legislation which received royal assent on 28th October 2019. To encourage businesses to engage with them, the ATO now has the power to report certain overdue tax debt to registered credit reporting agencies. Until now, overdue tax debt was not able to be […]
The Importance of a Credit Control System
It is a well-known fact that the longer a debt remains unpaid, the more difficult it becomes to collect. Many people find chasing overdue debts uncomfortable, so they keep putting off the inevitable which further reduces the likelihood of recovery. It’s also a well-known fact that your customers will try to hang on to […]
Chasing an Unpaid Debt? Here’s How a Collection Agency Can Help
Whether you’re the owner of a small or large business, chasing after an unpaid debt can be an unpleasant experience. Not only is it time-consuming and emotionally stressful but it can also be a huge drain on your resources. More importantly, your chances of a successful recovery start to dwindle the longer the debt remains […]
The Importance of Debt Recovery Companies
Alarming Statistics In Australia, small businesses are owed $26 billion in unpaid debt at any given time. According to a survey of 508 SMEs by Intuit, the average small business is owed at least $13,200 every year. These alarming statistics emphasise the need for debt recovery companies to help businesses improve their cash flow and […]
Unpaid Invoices – What To Do?
Debt Collector Cost Most business owners and professionals have to deal with an unpaid invoice or slow paying customers from time to time. How successful you are at recovering your unpaid debt will depend on your internal credit management procedures, the terms and conditions outlined in your credit documentation, and the overall timeliness of your […]
The Cost of Hiring a Debt Collector
Debt Collector Cost Hiring a professional debt collector will save you the trouble of chasing debtors on your own, and at the same time increase the likelihood of recovery. Whether you have one outstanding debt or many, the skills and expertise of a licenced debt collection agency will save you time and money. With all […]
