DO YOUR CUSTOMERS PAY YOU OR ARE YOU THEIR BANK?

By | Business & Company Law

If you run a business chances are you pay your suppliers on the 20th of the month. You expect that your customers will pay you then too. That’s the normal course of business. But when things get tight, some of your customers might be struggling. Maybe they’re slower paying you, or they don’t return calls like they used to. You hear stories of financial problems. And you don’t wish that on anyone. But why should you be the sucker left holding the can if it falls apart? Lets say you’ve sold your products to a company and they’re haven’t paid you. Then the company goes into receivership. What does that mean for you? The receiver will have been appointed by the company’s bank or another secured creditor. Secured creditors have first dibs if things go bad because they will have charge over the company’s assets and cashflow. Most normal trade…

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DO IT YOURSELF DISPUTE RESOLUTION – GOOD LUCK!

By | Business & Company Law

There is something to be said for saving money. It always feels good, even if its only a few dollars here and there. That is often the motivation for people trying to do things themselves instead of hiring a professional – that is, someone who does it all the time. I was guilty of that with the tiles on my verandah at home. I laid them myself and nearly broke my back in the process. I never wanted to look at another tile in my life by the time I finished. But I thought I did a pretty good job. Then the other day we had a builder and and architect at our house, and they both commented on the tiles. They couldn’t believe how bad they were. They could just tell by looking at them. “Was the guy who laid these drunk when he did them?” my builder mate…

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