I have a couple of bad debts, one is a small time operator like myself who has had a big job go bust on him, pushing him into receivership. I talked to him and we came to an agreement on settling that debt. He was going to pay me out of his pocket but as they have taken his builders license away, he is stuck between a rock and a hard place, so we agreed that he'll do a couple of jobs at my place to work the debt off. The other bad debt is with a company but the debt is only AU$220 and in order to get any money I have to line up with the other creditors and may end up with 10 cents in the dollar. My feeling is to just write the debt off, rather than spend time trying to get something. What have others done in a situation like this? Perhaps I'll ring the liquidator and try to get some idea of my chances of getting any money? However looking through the assets and liabilities of the company it looks grim, with AU$177K available to cover AU$524K in debts.
first in best dressed, ring the liquidators when ever you get a chance to chase up how it is progressing along. You have more chance of getting your money if you are in contact with them rather than sittig on the fence. Nick
Hendrik, if that was me, I would write it off and move on. The time that you waste trying to get something back, coupled with the stress, I think would be better spent working and making more. From what you have said, I don't like your chances. RnR.
Yeah, that's what I am thinking, probably lucky to get $20 out of the whole thing. I can't complain too much, I have had a pretty good run with getting paid.
You may have to follow it to its conclusion to get a letter or note from the liquidator so as to get full tax right off and of course include all expenses in dealing with the liquidators....................................just a thought ..................