The minimum amount of judgement debt required to initiate bankruptcy action has been increased from $2,000.00 to $5,000.00 in Australia.
This could mean that you are going to find it harder to collect larger debts.
Debts have a legal life of 6 years but why let an outstanding amount get to a situation, where you or your business need to take legal action to recover the outstanding debt owing.
If your business has an outstanding account beyond a 30 day period, at least contact the client person who was in charge of purchasing services or goods from your business and ask when the outstanding account will be settled and how.
If you continue to get promises about the outstanding account being paid and find that it is not being paid, don't hesitate to contact Lynch Investigations & Countermeasures Pty Ltd. We have a background in collecting overdue accounts, process serving statement of claim & bankruptcy notices.
There are some formal steps to undertake with the court in some instances and Lynch Investigations & Countermeasures Pty Ltd's Commercial Agents can assist you or your business in progressing with a collection process, to get you or your business back on track to creating positive cash flow.
Licenced and qualified Fraud Investigators & Commercial Agents are available to assist. Please contact Peter Lynch on telephone number +61417260650 or email to peterlynch@pjlinvestigations.com.au
PJL 24th August 2010
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