Debt Collection in New Zealand and the LawIt is important for your business to comply with the law when you attempt to recover money that is owed to you. In New Zealand, understanding, and complying with, the Fair Trading Act is essential. Getting your terms of trade right and making sure that your practises with regard to debt recovery are not seen as unfair or misleading. Small businesses must ensure that they can efficiently recover debts without incurring prohibitive legal costs. A lot of bad debt is relatively small but can have a very negative effect on a business, particularly if the business incurs a number of bad debts. A good debt collection agency will be able to do a good deal of the document preparation work for debt collections which are going to court. This can substantially reduce the costs. The Disputes Tribunal can also be a very cost effective avenue for debts which are disputed.
Disclaimer: We have made every effort to ensure the accuracy of the information published in this section. It is not however intended to constitute legal advice. You should consult a lawyer for formal advice as necessary. |