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Managing your company debts
If your company has debts it can’t service, it may face legal proceedings that result in its closure. On the flipside, if your company is owed funds, you will want to take measures to recoup them.
There are profound consequences for companies that fail to pay their debts on time. Creditors may take legal action that result in your business being ‘wound up’. This resource outlines some of the consequences of failing to pay debts in a timely manner.
Your business may have received a statutory demand from a creditor that may make an application seeking ‘winding up’ of your company if the statutory demand isn’t paid or replied to. It’s therefore critical that you satisfy the requirements of the statutory demand within 21 days of service.
If your company is the one to serve the statutory demand, there are certain processes you need to abide by.
Whether your company is in debt or is chasing non-payment of funds, HIA suggests you read this resource to gain information about what’s involved and then seek independent legal advice.
Access this resource now
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Who is it for?
Building Professionals
This resource is designed for builders and industry professionals who want to understand the consequences of having their debts accrue or who are looking to recoup funds owing to them.
What does it include?
- The consequences of failing to pay on time
- Key terms
- What happens when you receive a statutory demand
- What needs to be done to wind up a company
- Speaking with a solicitor.