Many people make the mistake of shrugging off a credit default, mainly because they don’t fully understand how such a record can affect their financial future. But credit defaults come with grave consequences and they should not be taken lightly. What Is a Credit Default? By definition, a commercial credit default is a debt of
After several unsuccessful attempts at communicating with clients, you’ve finally decided it’s time to outsource your company’s debt recovery tasks. You give out a sigh of relief because someone else will be in-charge of this time-consuming and stressful process. Before you hand over the unpaid invoices, though, there are some credit control tasks you must
The end of the financial year can be an extremely hectic time for small business owners as they try to balance their usual workload with bookkeeping, tax paperwork, and other EOFY tasks. If you’re not careful, you might end up burnt out in front of your computer, surrounded by mounds of receipts and paperwork. But
The most recent Commercial Risk Outlook Report from SV Partners has found that 8,782 businesses in Australia are at high risk of financial failure in the next 12 months. The report, which was released in March 2019, also listed the industries that are most vulnerable to financial strains. These industries include: Construction, Accommodation and Food
In a previous blog post, we discussed what garnishee orders are and how creditors can use them to recover a debt. Here, we will be looking at how garnishee orders are obtained and processed in the states of New South Wales and Queensland. The processes are quite similar, but there are a few differences that
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