Tags: bad debts, cash flow, companies debts, company debtsCompany debts are a norm in businesses and as small business owners, we all know a healthy cash flow is vital to a business.
Although the stressful period of retrieving my bad debt is over, I still have many customers that cannot pay up in full or delay the payment by 1 month or so.
Tags: bad debts, debt collector, Small Claims TribunalsWhy we decide to engage our first debt collector.
Tags: bad debts, debt collectors, pros and cons of debt collecting agenciesWhen we chose to go with a debt collector, we received a lot of feedbacks that discouraged us from doing so. Basically, it was seen as a negative way of handling the situation.
From my own rationalization, these were the pros that outweigh the cons:
Tags: bad debts, Bailiffs’ Office, Claims, Entrepreneur, Singapore Subordinate Court, Small Claims TribunalsIf you intend to recover your bad debts through the Small Claims Tribunals, do proceed early as it may take longer than expected to recover your bad debts.
The claims must fulfil these criterias before you can file at the Small Claims Tribunals:
Tags: bad debts, cash flow problems, Debt Collection, legal action, SMEsDid you know that from a survey done in UK, 47% of SMEs have no provision in place for bad debts or unpaid invoices? 34% will rely on legal action should they find themselves in such a situation, 27% would use their bank overdraft facility and 15% even plan to cover their shortfall with their own savings!
Unfortunately, even with good working relationship with suppliers and customers
Tags: bad debts, creditor, Debt Collection, debtor, Entrepreneur, SMEs business, warning signs of bad debts
