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Late Payment Interest

There is no codified or centralised regulation of the collection of commercial debts and it is unlikely that there will be any regulation to the same extent as there is in the consumer credit sector. The bargaining positions of parties to a commercial agreement is generally perceived to be more even and do not necessitate any regulation to intervene. In respect of Statutory Demands, the procedure available to set aside is the simplest [...]

Statutory Demands in Debt Collection: Background

Statutory Demands are the first step in the insolvency process and the core of many commercial debt collection processes. They are used by Creditors to prove that the person it is served on (‘the Debtor’) is insolvent. A Debtor is insolvent, and is capable of being adjudged bankrupt, if they cannot pay their debts as and when they fall due. Creditors can satisfy this requirement, and effectively demonstrate that a Debtor cannot pay their debts [...]

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