Ivy Recruitment Partners

Ivy Recruitment Partners is a niche boutique recruitment consultancy specialising in financial planning recruitment for boutique to medium sized financial planning firms across Melbourne and Kim Eveleigh is the powerhouse behind it all.

 

How did Ivy Recruitment Partners come to life?

I owned another recruitment agency for nine years and after returning from maternity leave with my third child, my then business partner and I decided it was time to go our separate ways.  This is when I met Mandy from Canny Group who assisted through the sales process (she was amazing!).  When we settled I sold my shares, established Ivy Recruitment Partners and I haven’t looked back!

How long has Ivy Recruitment Partners been up and running for?

Seven amazing months!  As part of the sale I was able to take my clients with me and I anticipated just working on those roles.  However it has absolutely taken off and completely surpassed any of my expectations that I previously had.

What do you love about your job?

The relationships most of all!  I have amazing relationships with my clients and due to this they always give me repeat business which is incredible.  Some of my clients are like friends now.  Because of the relationships I have built, I get many referrals which means I regularly get new financial planning businesses contacting me off the back of my existing relationships.

I love dealing with candidates.  There are some candidates that I placed many years ago in junior roles who have worked their way up and are now my clients!

I also wouldn’t be a recruiter if I didn’t enjoy the satisfaction of making placements – it’s not only the thrill of placing a great candidate (particularly the junior candidates when you hear them squeal with delight that they’ve been offered their dream role), but also the praise the client gives when you’ve secured them their ideal candidate and how pleased they are that they’re been provided a great service.

It’s a pretty lucrative career as well.  If you love it… you do it well.

Is your job exciting or do you just look at peoples resumes all day?

It has its highs and lows.  One day you have multiple roles on with candidates going out to interviews and making placements and it’s so motivating!  Then the next day, you might have a candidate withdraw or another agency fills the role you are working on (as there are a few businesses that use several agencies for one role), or it could be that something else happens and the placement you thought you were to to make just simply doesn’t happen.  That’s when you turn it up a notch and go into overdrive to fill the roles for your clients.

You certainly do look at a lot of resumes, but having been in recruitment for 13 years now, it’s second nature and I can easily pick a top candidate out of 50 applications through quick screening.

What’s planned for the future of Ivy Recruitment Partners?

At the moment, I absolutely love having the flexibility and freedom of working for myself around the kids as life is busy with three!  However, I have so much business coming through, much more so than I had anticipated, that I might need to look at bringing on another consultant sooner rather than later.  Ideally, I’d like to continue as I am until my littlest reaches kinder and hopefully I am able to do that.  At that point, I’ll be back talk to Mandy about how to build the business and put a plan into place.

How do I get into contact or find our more about Ivy Recruitment Partners?

You can e-mail me directly at kim@ivyrecruitmentpartners.com.au.

I am always on LinkedIn as well so that’s another good way to make contact!

 

Kim Eveleigh – Director

Ivy Recruitment Partners

Superannuation – Is It Still Worthwhile?

The constant changes to superannuation can be frustrating to many as they find it difficult to maintain their confidence in the superannuation industry.  Many have chosen to put the bare minimum into superannuation with their preference to build for their nest egg outside superannuation where they have full control and access without impact from the changes to superannuation.  However, is superannuation still a worthwhile consideration?

Currently, compared to other tax structures available, such as companies, trusts and partnerships, and personal tax, superannuation is still one the best tax structures available for many and should not be discounted.  All income in superannuation is taxed at a fixed rate of 15% and capital gains can be taxed as low as 10%.  If you commence receiving a pension for superannuation then all the income and capitals gains will be taxed at 0% up to the $1.6 million cap.

So are you taking full advantage of the changes to superannuation available to you?  Due to the many changes, it can be easy to overlook what you may be eligible for and what may impact you. Below are some things that may be relevant to you:

  • Tax Deduction for personal contributions – You may claim a tax deduction for personal contributions up to the concessional contributions cap of $25,000. Note, if you aged between 65-75 years you will need to meet a work test in order to claim a tax deduction.
  • Super Co-contribution – you may be eligible for a co-contribution of $500 if your total income is less than $37,697 and you make personal contribution of $1000 to your super. If your income exceeds $37,697 but is below $52,697, you will receive a reduced co-contribution.
  • Low Income Superannuation Tax Offset – a tax offset up a maximum of $500 is available to individuals with an adjusted taxable income of $37,000 or less. As long as your fund has received and reported a concessional contribution and you have lodged your tax return, the ATO will pay this directly to your superannuation account.
  • Low Income Spouse Tax Offset – a tax offset up to a maximum of $540 is available to individuals who make personal contributions to super on behalf of their spouse and their spouse’s income (including fringe benefits and reportable employer super contributions) is $37,000 or less. Where the spouse’s income is $40,000 or less but exceeds $37,000, a reduced tax offset is available.
  • Downsizer contributions – if you are aged 65 years or over and have sold your personal home, you may be eligible to make a downsizer contribution to your superannuation of up to $300,000 from the proceeds of selling your home.
  • Rolling 5 year concessional contributions – If you have a super balance of less than $500,000, you can make additional catch-up concessional contributions if you have not reached your concessional contributions cap in previous years. This applies from 1 July 2018.
  • Division 293 tax – high income earners pay an additional tax if their income exceeds $250,000. Income for the purposes of Division 293 tax includes taxable income, reportable fringe benefits, net financial investment/rental property loss, net amount of which family trust distribution tax has been paid, super lump taxed elements with zero tax rate.

If you have the long term goal to build for wealth and your retirement, superannuation should be considered as part of your financial plan.

If you would like further information on how to do this or would like to discuss a self-managed superannuation fund, please contact our team.

 

Helen Yau – Accountant Manager & Financial Planner

CA, BComm, Dip FP, SSA

Discretionary Trusts + Keeping It In The Family

A family trust is a form of a Discretionary Trust and one of the most important investment vehicles that individuals can look at starting.  They are very useful in particular for building wealth for the benefit of future generations, flexibility in daily operations, family investments, holding and protecting your family’s properties and other assets.  These assets could include investment properties, share portfolios, personal use assets (holiday homes, boats, land, antiques etc.).

Many of our clients also prefer to keep properties used in their business under a trust structure while carrying on their operations from other business entities under a rental agreement to protect their assets from creditors and other third party legal action.

The purpose of a trust is to hold these assets and cash flow for the benefit of the members of the “family group”.  Their operation is for the most part subject to the terms of the trust deed which is prepared when a trust is established.  This makes the trust deed the single most important document for this structure.  It dictates various things including:

  • Who is the Trustee (who looks after the legal property of the trust for the benefit of the family members and decide on annual distributions – generally mum and/or dad)
  • Who is the Appointor (Person in charge of selecting the trustee)
  • Who will be the beneficiaries (those entitled to the trust’s income and/or those who have right to trust’s assets)
  • Definition of trust income including how, to whom and what type of income will be distributed.
  • What happens when a trust vests or ends.

 

Due to the fact that the trust deed of the trust defines who the potential recipients of trust income will be on formation (usually family members), trust is a structure very much favored by family businesses (I.e. a Family Trust) who can provide capital if expansion is required in the future, investments need to be purchased or excess cash of family members needs to be loaned to the trust.  This is because, besides commercial loans, it is not possible to pursue external investor capital as a family trust.

If succession planning and keeping the business with in the family is the main goal, then this is the ideal business structure.  Discretionary trusts allow the business to be passed down to the next generation of family members.  In this case, the trust deed must allow for the change of Appointor or Trustee.  As there is no change in beneficial ownership of the trust and given all family members are beneficiaries of the trust, the changeover in the control of business within the family is not subject to any CGT implications.

This trust structure offers various benefits such as:

  • Being an ideal tool for succession planning and transferring within the family without immediate tax implications.  For example, when you want to hand down the family business to your next generation while avoiding any CGT implications.  This is true, as long as they are deemed to be beneficiaries as per the trust deed which also needs to be carefully drafted.
  • Strong asset protection is provided from creditors (for instance, in the event a family member experiences bankruptcy or a related entity is going through insolvency).  This requires that the trustee is a company and trust deed limits the trustee’s liability upon being sued to the share capital invested in the trustee company.  Please note that exceptions do apply when it comes to family law.
  • High degree of flexibility in distribution of income to various beneficiaries in the most tax effective way including family and friends ensuring all the family members tax free thresholds are fully utilized.

Distributions can also be varied every year to reflect changing income of family members.

  • Access to various small business Capital Gains Tax (CGT) concessions on sale, restructure of and retirement from business.  The individual also receives a 50% CGT discount when distribution is received from the trust.
  • Overall flexibility in operation of trust as it is mainly governed by the trust deed.

One of the main drawbacks of a trust structure would be that losses cannot be distributed and there are substantial hurdles to recoup such losses.  However, trust losses can be carried forward to future years and offset against future tax income.

Due to the trust offering such significant benefits and potential tax savings, the ATO have been looking more closely into them recently.  Recent changes included reduction in distributions to minor members of the family (usually under 18 years old).

All in all, it can be quite complex and challenging to identify your business needs and selecting the appropriate business structure or combination of entities.  Furthermore there are various commercial and taxation implications when it comes to family trusts.

Keeping your business circumstances in mind, and to ensure there is a seamless transfer of wealth between generations, it is recommended to get professional advice before making any such decision so you can customise your entity structure to your business needs.

 

Humam Siddiqui – Accountant

BComm

Geelong Cancer Rehabilitation

Kerry Browne is the incredible woman behind Geelong Cancer Rehabilitation, with over 20 years of experience as a physiotherapist, her passion for optimal wellness for her clients inspired her to train as a lymphoedema therapist.

 

What is Geelong Cancer Rehabilitation?

Geelong Cancer Rehabilitation sees patients from diagnosis, through post-operative phase and treatment and then onto a guided exercise program to optimise physical and functional recovery.  We specialise in prevention and treatment of lymphoedema, treatment of cording and post-operative scar management.  We also assist in continuation or return to physical activity following cancer treatment.

How is it that Geelong Cancer Rehabilitation come to life…?

I have over 20 years’ experience as a physiotherapist and spending the first 15 years of my career specialising in musculoskeletal injuries, it was the work I did whilst in London 15 years ago at a clinic specialising in low back pain led me to train as a polestar pilates practitioner.  After returning to Australia, I worked at a busy Melbourne practice specialising in the rehabilitation of cancer patients using both manual and pilates skills.  A real passion for optimal wellness for these clients inspired me to train as a lymphoedema therapist.

I moved to Geelong 5 years ago and decided to open my own Oncology practice.

What keeps you coming back to work everyday…?

I am very privileged to be in the position to help people who are dealt the terrible cancer card.  I meet them when they are at a difficult time juggling the stress of diagnosis, treatment and their work and family lives and I then watch them come out the other side and return to what they love and enjoy.

My work keeps me grounded and also motivates me to continue to strive to use best practice to help my patients.

Is your job exciting or do you just hang out with people who are struggling with movement?

Day to day I probably wouldn’t describe my work as exciting.  Yes I am often dealing with patients who are struggling not just physically but also mentally however their strength and resilience continues to astound me.  What is exciting is the research which has recently been published which has confirmed the importance of exercise and movement during and after cancer treatment in decreasing cancer recurrence!

What is planned for the future of Geelong Cancer Rehabilitation?

I will continue to manage cancer patients on a day to day basis but would also like to be involved in some further research into optimising wellness for my clients.

How can I get in contact or find out more about Geelong Cancer Rehabilitation?

My contact number is 0401916365 or you can go to http://www.geelongcancerrehab.com.au

Kerry Browne – Geelong Cancer Rehabilitation

New Year Resolutions that Will Make A Real Difference To You + Loved Ones

Now that the dust has settled on what was hopefully a fun-and-family-filled Christmas and New Year period, it is a great time to reflect on those hastily-made New Year’s resolutions, and consider the difference it will make if you actually see them through.

Perhaps you resolved that in 2019 you will exercise more, quit smoking, drink less, or spend less time looking at your phone.

For others, you may have decided that 2019 is the year you get your personal, financial or business affairs in order. That may include getting those Wills and Powers of Attorney prepared (which you’ve been meaning to do for years), getting that accounting or financial advice you know will make a difference, or kick-starting that business which you’ve been daydreaming about.

Now these are New Year’s resolutions that will make a real difference to you, your loved-ones, your financial health and your current/future employees.

The most important part is getting the process started. The second-most important part is making sure that each of the elements of your plan complement, and do not contradict each other. For example, the superannuation or asset planning which you undertake with an accountant or financial advisor should be reflected in your will, your business plan should be supported by adequate funding arrangements and succession agreements, and your business tax planning and compliance must be complemented by appropriate employment agreements for your staff.

Ideally, this means you should be seeing a lawyer, accountant and financial adviser contemporaneously, and have them talk to each other to ensure each element is consistent. But who has the time and energy for that?

This is where Canny Group can help you stick to your New Year’s resolutions. We have a team of experienced accountants, lawyers and financial advisers under one roof who are ready to listen, identify your needs or the needs of your business, and work cohesively to get your affairs in order, or your dream off the ground, for the best possible start to 2019.

 

Stefan Manche

Senior Associate Solicitor – LLB, BComm (Finance) 

We Bring Home an International Award

The PANALITIX conference is a premier annual even where accountants from across the globe converge to learn on accounting best practice from industry influencers, thought leaders, technology and solution providers as well as international outstanding accounting firms.

Directors, Amanda Wilkens and Krystine Canny-Smith and Manager Helen Yau travelled across the globe to San Diego in November to take part in the conference.  Not only bringing back extra suitcases and excess baggage, they also managed to bring home the Best in Team Development Annual Award for 2018 from 12 awards.

The ‘Best in Team Development’ category aims to reward those who strive to create an amiable work environment for their team, while consequently providing continuous team development and engagement, resulting in business growth.

http://atthepac.com/thepac-awards/

How To Set New Year Resolutions and Stick To Them

So 1st January you have your list of resolutions and you are completely committed… 2nd January you are distracted with ‘life’ and by 7th January they are in the ‘too hard, stinks of effort’ basket if you haven’t forgotten about them already.

Well this year is going to be different and this is how;

1. Think of the top 3 things you want to change in your life – business or personal.  Any more than this and it gets too complicated and overwhelming and this is where the failure rate creeps in.

2. Think about the length of time you need to achieve each goal and diarise the date that they each need to be completed by. Be realistic here but it must be within the year.

3. Contact the people or business that will help you achieve your 3 goals.  If it is getting your Will done, call your lawyer and make the appointment.  If it is getting fit, call a Personal trainer.  If it is starting a new business or expanding, call your Accountant.  If it is making more time to see your parents or friends get on the phone now and just do it!

4. Decide on the reward you will give yourself when these are completed.

It is likely that you can’t do all this alone so don’t be afraid to delegate to the experts who can help you.

Business goals are no different to personal goals in terms of the way you should ‘attack’ them.  You must be methodical and committed otherwise you are wasting your time, money and that of those that are prepared to help you.

We have many clients who say at the beginning of the year that they want to ‘increase their income’ or ‘decrease their costs’.  These are sweeping statements and we can help you do this, but first we will help you determine what the figure is and what and how they can be achieved.  It takes time and thought to plan this.

 

In 2019 we will be holding our popular ‘One Day Plan sessions’ each month commencing in March in our new premises at the Federal Mill.

These whole day sessions are designed to establish what your goals are and we work with you to determine the path you will take to achieve them.  So it doesn’t just have to be at New Year that you can make resolutions!

The dates for these sessions will be released in our February Newsletter and are open to existing clients or new.

 

Amanda Wilkens – Director

B.Comm CPA

Geelong Pilates Studio

Pilates Movement Therapy Practitioner and Geelong Pilates Studio owner Lu Albrecht, has developed her method for her studio through many years of learning about the body.  We sat down with Lu to find out about how she is discovering the life changing benefits of Pilates and gaining a true understanding of the mind body connection.

What is Geelong Pilates Studio?

Geelong Pilates Studio is a boutique studio in the heart of Highton village.  Our core business is our small group Studio classes where we work with clients who need a specific program designed for them.  These classes are designed for those with injuries needing rehab, or with ongoing pain such as back pain and postural pain, and for those who simply want to keep themselves in a healthy routine and keep moving.  We use lots of props and each class is different.  We also offer a class called reformer (using the specialised Pilates equipment that allows clients to move without impact).  Reformer is a great way to condition and strengthen the whole body.  Consistency is the key to Pilates with most clients attending once or twice a week.

How did Geelong Pilates Studio come to life?

After many years of practicing and studying Pilates with some of the best practitioners that Melbourne has to offer, the dream was to open a studio that focused on a quality and not quantity – meaning that I really wanted to focus on a few clients and really work hard at getting them into shape rather than offer lots of classes with many clients and not be able to give everybody the attention and detail they deserved.

My goal was to help people and improve their quality of life.  I felt it was important to take time and care with every client, to build a strong and loyal customer base that would appreciate the power of incorporating Pilates into their lives.  It has taken years to build my business into the space that I originally envisaged.  Starting out, the space was too big and the offer was too varied as I was trying to be too many things with too many different types of client.  Since simplifying and going back going back to my original vision, I feel that the business and the clients I have attracted are now in line with my values and the work/life balance I have always wanted.

How long has Geelong Pilates Studio been up and running?

5 years, going into our 6th year in 2019.

What is planned for the future of Geelong Pilates Studio?

Now that the business is heading in the right direction with the correct offering, I would like to concentrate on building an even stronger client loyalty.  We will be introducing massage, Osteo and nutritional services so that our clients have more opportunity to work on their health with other types of health care professionals.  The intention is that all our practitioners will work together, referring clients and coming up with a holistic plan between us.

How do I get in contact to find out more about Geelong Pilates Studio?

Head to the website for detailed info on our classes, teachers and how you can get started today.

www.geelongpilatesstudio.com.au

Geelong Pilates Studio

Shop 8, No. 1 Bellevue Avenue, Highton 3216

(03) 5241 2661

info@geelongpilatesstudio.com.au

Lu Albrecht of Geelong Pilates Studio – Highton Village

Making Sure Your Small Business Doesn’t Break the Bank these Holidays

If you are like most small businesses, you may find Christmas and January the hardest time of year for cash flow!

Tradies find there is no income as building ceases and materials that haven’t already been received aren’t available until February.  This effects not only those directly in the building trade, but also concreters, plasterers, glaziers and everyone who supports the building trade.

For small businesses like ours, who support other small businesses, we find our clients close over the New Year and January.  It’s not just accountants though who are effected by this, it’s commercial cleaners, security firms, lawyers and all whose services support small businesses.

And if you support the education sector, then you can look forward to closing shop for around six weeks!  Small businesses that run schools (sport, art, dancing and music schools come to mind) or support education (cleaning, security or education providers) can be confident there won’t be much hitting their bank account in January!

Yes, things get hard when cash flow is tight, but there are a few simple things you can do to help manage it.  Remember that forewarned is forearmed!

  1. Talk to your clients/customers and let them know you need them to pay before Christmas. If you are able to reduce your outstanding debtors and get this money in the bank, it will help cover the Christmas wages and also January when receipts are low.  Ideally, all your customers should finalise all accounts that are over 30 days before Christmas.  This will make an enormous difference to your cash flow.
  2. If possible, invoice clients in advance.  A very clever client of ours (who shall remain nameless and who knows exactly what work will be provided in January), offered her customers the opportunity to pay in advance.  If you operate a larger business, it may be convenient to pay January in advance to your suppliers.  Then you won’t have to worry about bills over the holiday period.  If some of your customers fall in this category, consider invoicing in advance.
  3. Speak to your bank about an overdraft.  Although we generally like to avoid overdrafts and minimise borrowing, there are times each year when you may need extra help to meet the bills.  If you can get approval for an overdraft this is a good safety net.
  4. Last, but not least, put off paying any creditors you can.  Naturally it feels bad putting off paying our suppliers.  However, if we contact them in advance and let them know how much we will be paying and when they are usually happy to accommodate.  We all know from our businesses, that if we know when someone is paying and how much they are paying, we feel more comfortable than if we don’t hear from them or they avoid our calls.

Don’t forget that the superannuation for your employees is due before 28th January 2019, so make sure you have enough in your account to cover that.  Your BAS will generally be due before 25th February 2019 (unless you are a monthly BAS lodger), so thankfully cash flow should return to normal by then.

In the meantime, if you need any help with cash flow or want any information to help you budget over Christmas and January, please don’t hesitate to contact our Accounting team.

 

Krys Canny-Smith

Director – CPA, BComm

The History Behind Our New Home

Following on from our exciting announcement last month, we sat down with Cam Hamilton of the David Hamilton Property Group (DHPG) to find out the history behind our new home and why he’s so passionate about what he does.

 

WHAT DOES THE DHPG DO?

We specialise in the purchase and development of under utilised buildings in Geelong, from there we turn them into transformations of vibrant commercial office spaces.

WHAT IS THE STORY BEHIND THE FEDERAL MILLS?

The Federal Mill opened in 1915 and was built by the Commonwealth Government to manufacture woollen cloth for the Australian Army Uniforms for World War One.  In 1923 it was sold into private hands and continued to be a successful textile manufacturer under various ownership right up until the 1970s.

The David Hamilton Group purchased The Federal Mill in 2013 in a derelict state and began the restoration of the site.  The buildings themselves were in reasonable condition but the site was littered with rubbish and many of the original fittings had been removed.  To date we have completed about 75% of the renovation works and we house many new local businesses.

WHAT WAS IT ABOUT THE FEDERAL MILLS THAT ATTRACTED THE DHPG?

The Federal Mills presented a fabulous challenge to restore the buildings to their former glory and create a new story in Geelong.  The design of The Federal Mill was quite innovative in that it was single story and designed to optimise natural light and ventilation, which was a departure from the multi story factories built in those dates.  Today those same design qualities attract new tenants from within Geelong and nationally to set up their tech-based businesses here.  It’s a perfect environment for the new breed of entrepreneurs and start-ups in Geelong.

WHAT DO YOU LOVE ABOUT YOUR JOB?

Purchasing a property with a clear vision of what we want to achieve, seeing that project through to completion and then leasing all the tenancies.  Sometimes the more successful projects can be the ‘ugly ducklings’ so I get a lot of satisfaction transforming them into great investments.

WHAT’S PLANNED FOR THE FUTURE OF THE DHPG?

We are forging ahead with our vision for the Pivot City Innovation District which is our ‘big picture’ vision for the PowerStation, Federal Mills and the Glasshouse (old Pilkington’s building) as well as a number of renovations of four buildings in Newtown and the CBD.

 

 

Header Image: ‘Federal Woollen Mills’

Image courtesy of Geelong Heritage Centre

Non-Compliant Withholders to be Denied Tax Deductions

Businesses will no longer be able to claim deductions for payments to their employees where they have not met their PAYG obligations.  This includes where the employer is required to withhold PAYG from gross payments, but fail to report or remit it to the ATO.

Employers will be required to make sure all reports relating to PAYG withholding amounts be made to the ATO.  Failure to do so will render the gross payments made to employees’ non-deductible.  This includes any ‘nil’ lodgements for Activity Statements as well as any non-payments of PAYG withholding.

Strict penalties already apply to businesses who fail to withhold certain amounts paid for royalties, foreign dividends and interest payments.  Not only are these businesses fined by the withholding amount, but additional failure to remit penalties will also apply.

The new legislation goes another step further by removing deductibility of the original payment for workers.

Originally announced as part of the federal budget, this Black Economy legislation is due to take effect from date of Royal Assent.  PAYG withholders will be required to ensure that all lodgements are made on time to avoid large penalties with denied tax deductions.

Additionally, the deduction for businesses on certain payments to contractors which have not met PAYG obligations will be denied.  There are some exceptions.  In situations where an employer has been audited by the ATO and deemed to be paying staff as independent contractors, no denial of deductions will occur if the employer has made a genuine mistake and thought the staff member was a contractor.  However, the employer may still be liable for penalties associated with non-compliance of other tax and withholding obligations.

 

Source: Treasury Laws Amendment (Black Economy Taskforce Measures No. 2) Bill 2018; Budged paper No 2, p 24 (VIA Wolters Kluwer)

Debt Recoveries

The world of business dealings is underpinned by trust and reliance on promises to supply goods or services often with the consideration such as payment of money, a debt being due sometime in the future.  Once a contract is legally enforceable, the Court will, if the contract is breached, allow the injured party to seek recovery in the Courts.

Canny Legal regularly act in “debt recovery” proceedings.  Some claims may be very simple such as a failure or refusal to pay monies on account.  However in the cut and thrust of business dealings, contracting parties may have complex arrangements to reach out to potential customers and rely on more complex trading terms.

Suppliers may offer their customers credit terms reflecting their trade requirements.  For example a plumber may have a business which has many projects under way and needs plumbing supplies to compete works before it gets paid from expected future profit.  The supplying company may agree to trade on credit with interest which should also be secured by a personal guarantee and a charge over the director’s property. In this scenario we often find our client’s customers may “bite off more than they can chew” and default in their accounts resulting in debt recovery proceedings.

On the other side of the fence we also act for defendants against claims for monies due and owing and we will explore any genuine defences available to defeat the claim or reduce it by way of set-off.

Debt recovery requires the careful weigh-up of a return for recovery on a debt as against time, legal costs and the uncertainties of litigation.  There will be a range of facts to consider before being able to assess and legally advice on the merits of each claim or each defence.

If you would like more information, we are always here to help.  Please get in touch with our team.

 

Richard Pinkstone – Principal Solicitor

BA, LLB