When your customers do not pay within the agreed credit terms it is wise to treat this as a signal that they may be in financial difficulty. First in best dressed definitely applies to the building & construction debt recovery process. Security Of Payments Act is the process that will get you paid when your client gets into financial difficulty. But don’t ignore the warning signals. If you have concerns they are probably justified.
If this is the case you should move quickly for several reasons.
- if your client is having trouble paying you they probably owe money to many others as well as you. So you need to get in first before someone else gets their hands on all the money your client may have. Or worse someone else might put them in to bankruptcy which will mean you will get nothing.
- If you are fast enough there may be an opportunity to pursue your clients customer for the money you are owed. If your client is still owed money by their customer, then at a certain point we can serve a request on your clients customer to hold money in the amount you are owed pending judgement and an appropriate court order requiring them to pay you direct.
- The sooner we press your debtor for payment the more likely you will be paid in full and the sooner at that.
Call RECOUP Contractors Debt Recovery now for assistance to secure your money with a Security Of Payments Act payment claim.
Phone 1300 RECOUP (1300 732 687)