Why Debt Collection Remains A Necessary Expense : In a company faced with a multitude of financial obligations the added expense of legal fees paid towards recovery of bad debt seems like a double punishment. Having an outstanding debt and paying more money towards...
The short answer is YES! (Debt Collection Running To Court) - The collection of debt does not necessarily mean that you have to go all the way to Court, and more importantly, there is more to debt collection than only collecting the debt when it is outstanding. Let us...
Vetting is a process followed in which as much information as possible is gathered about the debtor being handed over, in order to ensure the maximum potential for a good result to prior to legal action being instituted. The rationale is that, if you know your debtor...
Having a clear credit record or a good credit score is of utmost importance, but why? And how does one ensure that your credit record is and remains clear in order to ensure that your credit rating or score remains at its maximum? Certain updates to a person’s credit...
Help! I am flagged as being under debt review on the Credit Bureaus. Since promulgation of the National Credit Act. 34 of 2005 (herein after referred to as the “act”), most South Africans have heard of debt review and have a faint idea of what it entails. Some of us...
Liquidation is the process whereby a company or close corporation is wound up due to it not trading actively or its inability to continue trading in the normal course. The liquidation of a company will put an end to the juristic entity’s existence. When winding up a...
As previously discussed in the article regarding voluntary liquidations where the company being liquidated is solvent, liquidation is the process whereby a company or close corporation is wound up due to it not trading actively or its inability to continue trading in...
Writing off bad debt can be very upsetting. You are owed the money, the services were rendered. Why must I write off bad debt? Here’s what the law says on the topic. Let’s first look at prescription What does it mean? Prescribed debt is old debt that has been written...
Ever been asked to sign surety for debt? Should it be your child’s study loan, a bond, a car, on behalf of your company or any other debt. This is a big responsibility. You agree to take over payment and be liable for debt should the ‘principal’ not be able to pay it...