[BNM] Harsh economic times - protecting ones interests

[Adam Mould]

gits!...

I've been there and it's not nice... :-(
I guess TRY and put in PART invoices for work signed off to date  
rather that wait till the end...
If you don't mind getting heavy... I used: http:// 
www.thomashiggins.com/ before... they will, for £2 issue a LETTER  
BEFORE ACTION on your behalf... if the client doesn't bite then the  
Solicitors chase the debt... I suppose it all depends on whether they  
are worth keeping as a client... the 'good' ones should let you know  
if they are struggling and perhaps offer part payments themselves...

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On 2 Dec 2008, at 13:34, Derek Clarke wrote:

> If they go under there's nothing you can do to get paid.
> Non-preferential creditors get very little in such circumstances.
>
> So stop throwing good money after bad and stop any work you're doing
> for them in favour of paying clients (if you have any!).
>
> It also depends upon what sort of corporate entity they are. If
> they're a limited company or plc a possible threat is to take the
> company down yourself in the form of a winding up order. If they have
> some money left they might pay you rather than go down!
>
> Really the best thing to do is not to let a debt grow to this point in
> the first place. You're extending them trade credit every time you
> issue an invoice and it's up to you how much credit you extend to your
> customers. Unfortunately this is easier advice to give than take!
>
> I hope you've also taken precautions like keeping title to all work
> until all bills are paid.
>
> On Tue, Dec 2, 2008 at 1:19 PM, matt zb <bnm at zenbullets.com> wrote:
>>
>> Hi BNM,
>>
>> Some freelancing advice required.
>>
>> I've got a client, who owes me a considerable amount of money, who  
>> I suspect
>> are struggling quite a bit cashflow-wise. They are very over-due  
>> on invoices
>> and are reacting very badly to enquiries.
>>
>> Is there anything I can do to ensure I get paid if they were to go  
>> under, or
>> would receivers take care of that? I'm also worried that if I were  
>> to start
>> any action against them it might push them over the edge.
>>
>> Your thoughts appreciated.
>>
>>
>> matt zb
>>
>>
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