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A Guide to Recovering an Unpaid Debt
No matter how good your credit control procedures are, at some point you may find that you have a business or commercial customer who has simply failed to pay an invoice, despite your best efforts to pursue them for payment.
In these circumstances there are several different types of action that you can take to secure payment of the debt. These include using a mediation or arbitration service to help you and the customer reach a negotiated settlement, using a debt collection agency, or instigating court action or insolvency proceedings.
Most small businesses that are attempting to recover payment from a larger business also have the option of complaining to the Small Business Commissioner, who will investigate the case on their behalf.
This factsheet explains the issues to consider before taking debt recovery action, the various options for securing recovery of the debt and the basics of late payment legislation.
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