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Debt Recovery

July 29, 2016

Are you or your business owed money?

There are a number of options available to you if you believe the debt is reasonable and justified.

 

Debt Recovery Options

How you proceed to recover a debt depends on a number of factors such as the type of debt. In particular, the amount owed and the nature of the agreement. Your options include:

 

  1. Sending a Letter of Demand to the person or entity who owes you the money demanding payment of the debt. You will need to be careful in how you word this letter to ensure you do not include any information that is either threatening or illegal.

  2. Writing off the debt. This is a practical option if the amount is small or if you know that the debtor is insolvent or bankrupt. Also, this debt may be able to be claimed as a tax deduction or GST adjustment.

  3. Lodging an application with the Queensland Civil and Administrative Tribunal (QCAT). This is an option for debts such as an unpaid invoice, money lent and not repaid or a dishonoured cheque up to and including $25,000.

  4. Commencing court proceedings. For debts over $25,000 this is usually the best option. Legal costs can vary depending on the complexities of the situation.

 

In Queensland, the general time limit for bringing a claim for debt recovery is 6 years from the date that the debt first arose.

 

Finally, you should consult with a lawyer for further advice regarding the above options, particularly if the debt is substantial.

 

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