Everything you need to know about the debt recovery procedure

Chasing outstanding debts can be a frustrating task. It takes time and causes a strain on other valuable internal resources that could be put to better use in other business-critical activities. Often, the chase is long and not always successful, leading to a greater loss than you began with.

But it doesn’t have to be this way. Taking legal action and undergoing the formal debt recovery process can yield better results.

What is debt recovery?

Debt recovery is the process of collecting unpaid monies that are owed to a business or individual. In commercial situations, debts can have a negative effect on cashflow and the business’s ability to operat