Tackle outstanding debts as early as possible, writes James Seymour, Solicitor.
Cash flow has never been as important for small businesses. The economy is on the up but the legal profession is now hugely engaged in debt recovery because of demand from businesses to collect outstanding monies due to them. Until the books are balanced, many companies remain in belt-tightening mode. Smaller businesses and sole traders are often low down in the pecking order for payment due to the Revenue Commissioners, secured creditors and employees taking priority in the payment scale.
This somewhat unfair pecking order continues to mean that many businesses have to write off debts owed to them…
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