Australian Credit Management Law Bulletin – Vol 1, No 3, July 2018

Australian Credit Management Law Bulletin – Vol 1, No 3, July 2018

This bulletin is not legal advice. Do not make decisions on legal matters based on a brief commentary. Instead, get professional legal advice. 1. Company survives loss of director Pace v Australian Securities & Investments Commission [1999] WASC 151 (31 August 2017) Mr Pace was convicted on 13 charges of fraud relating to grants received from the Department of Commerce and Trade before the relevant expenditure had been incurred. A person who has been convicted of an offence relating to…

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Understanding Debits and Credits: A Cheat Sheet

Understanding Debits and Credits: A Cheat Sheet

If you have been reading the The Debt Books blog for awhile, you might remember our Credits vs. Debits series if not, check out Round 1, Round 2, and Round 3. If you’re new here, we’d like to take a quick moment to revisit the topic. Trying to figure out if an account goes into the Debit or Credit account can get a little confusing, so our Bean Counter has put together quick reference guide to help you keep your credits and debits straight. It helps to think about Debits and…

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Debits and Credits: Round 3

Debits and Credits: Round 3

Ding! Ding! Ding! It’s time for the third and final round of the Debit and Credit Showdown, which means you’re one step closer to understanding debits and credits. During Round 1, we learned some of the big punches that debits and credits pack. In Round 2, we bobbed and weaved our way around the double-entry system, and for Round 3 it’s time to pull out our big guns because we’re going to knock out the recording process. There are three steps to the…

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Debits and Credits: Round 2

Debits and Credits: Round 2

In Round 1, we learned the very basics of debits and credits, but this time around, we’re going to step it up a notch. If you need a quick refresher, take a second to look over what we discussed last time. To start this round we’ll talk about the T-Account, which consists of three parts – the title, the left side (aka debit), and the right side (aka credit). It’s called a T-Account because in its most basic form, it looks…

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Debits and Credits: Round 1

Debits and Credits: Round 1

Ok, so the showdown isn’t debits versus credits, its debits and credits versus our understanding of them… or lack thereof. Hopefully by the end of this match you’ll come out victorious. With that said – LET’S GET READY TO RUMBLE! Any good boxing coach will tell you two things. The first is to get to know your opponent, so that’s exactly what we’ll do and the best way to do that is to throw out everything that we think we…

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Court Rules CCCS Transfers Fraudulent

Court Rules CCCS Transfers Fraudulent

On January 13, 2018, the Indiana Court of Appeals rendered a significant ruling for creditors. In the case of Commercial Credit Counseling Services, Inc. (“CCCS”) vs. W.W. Grainger, Inc., Lose Bros., Inc., and XSE Group, Inc. (“Creditors”), the court affirmed two separate lower court rulings declaring transfers to CCCS fraudulent as to Creditors. The Creditors’ Rights Section of the Commercial Law League of America funded an Amicus brief, and the League was granted Amicus Curiae status in the appeal. The…

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Managing Debt Collection for Maintaining a Strong Cash Flow Position

Managing Debt Collection for Maintaining a Strong Cash Flow Position

Managing Debt Collection for Maintaining a Strong Cash Flow Position Whatever is happening in the increase of online business and the growth in cryptocurrency, money is still the lifeblood of any business. Some might see having a large balance on the credit side of the balance sheet as healthy, but a large amount of debt and many debtors impacts the business in terms of cash flow and that reduces the amount of cash available for operations. Chasing debts costs money….

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Demand Letters

Demand Letters

Sending a demand letter to customers with overdue payments can have a huge impact. This service is an effective way to let your customers know payment is still required and ensure they pay money owed as fast as possible. Sending a once-off letter means you only have to pay for the cost of the letter, and are not tied into any continual service. The best part is the letter usually has a high recovery rate if sent within the 90…

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Debt Collection Training

Debt Collection Training

Would you prefer to action the Debt collection Training Seminars and/or products as follows: Watch a DVD series on the subject of “How to do your own Debt Collection” Purchase the following: The complete manual on How to do your own debt collection Includes generic forms and advice Debt Collection Letters that are individually tailored to your business Terms and Conditions individually tailored to your business The Debt Books offers the following debt collection training services. In-House Training – this enables you confidentiality…

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