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Debt Recovery

The profitability and sustainability of any business often depends on its ability to recover debts. Often businesses can be crippled when large sums of money are due and have not been recovered.

While some businesses have streamlined processes for recovering outstanding monies, others do not. It is very important that if you are having difficulty in recovering debts that you retain the services of a professional.

Ferguson Cannon Lawyers take a forthright and innovative approach to debt recovery. If you have money owed, call our office today on 1800 640 509, speak to Byron Cannon or Samuel Barber, and take control of your cash flow.

OUR APPROACH TO DEBT RECOVERY

At Ferguson Cannon Lawyers we have a systemised approach to debt recovery. Within 24 hours of receiving instructions from a client we will forward an initial letter of demand to the debtor requiring that payment be made within a certain period of time.

If payment is not made as requested we will discuss the options with you including commencing court proceedings for recovery. The time, cost and nature of court proceedings will be explained in full.

Once a judgment is obtained against the debtor there are several options open to recover the debt including taking possession of property, garnishing wages, and bankruptcy. It is important that debts are pursued early as it increases the chances of full recovery. There are often strict time limits imposed by legislation and the courts to allow proceedings for recovery to be commenced.

TYPES OF DEBT DISPUTES

Debt disputes involve disagreements with another person, business or company about a fixed or agreed sum of money. Examples of a debt dispute include:

• an unpaid invoice or account
• rent arrears, other than arrears of rent for a residential tenancy 
• work done and/or goods supplied with the cost having been agreed beforehand
• money lent and not repaid
• wages owing 

• an IOU
• a dishonoured cheque.

Consumer and trader disputes involve disputes against another person, trader or company arising out of a contract for the supply of goods and services.

Goods include:

• cars
• building supplies
• appliances
• furniture

Services include:

• repairing a defect
• professional services such as accounting services
• work performed by contractors
• building contract disputes

Ferguson Cannon Lawyers already act on behalf of a number of businesses, both large and small, for debt recovery matters. We are proud of our success rate in the recovery of monies outstanding.

At Ferguson Cannon Lawyers, we understand and appreciate that debt recovery is important to the long-term viability of your business. If any part of our costs are able to be recovered we will ensure that this amount is included within the claim against the debtor.

For further queries regarding your debt collection issues, please contact Byron Cannon, Director byron@fclawyers.com.au  or Samuel Barber, Solicitor sam@fclawyers.com.au or call 1800 640 509.