As if running your business isn’t complex enough – the process of chasing and collecting debts can be like wandering through a maze, and that’s even before you make contact with the debtor!
Debt collection is a heavily regulated activity in Australia. State and Federal legislation sets restraints on collection activities and are easy to fall foul of if you are not across the detail. Here is a (non-exhaustive) list of some of the legislation that affects how you can go about chasing debts:
- Corporations Act 2001 (Cth)
- Personal Property Securities Act 2009 (Cth)
- The Australian Consumer Law, which is a schedule to the Competition & Consumer Act 2010 (Cth)
- Part 2, Division 2 of the Australian Securities & Investments Commission Act 2001 (Cth)
- National Consumer Credit Protection Act 2009 (Cth) which includes the National Credit Code as Schedule 1
- Bankruptcy Act 1966 (Cth)
- Fair Trading Act 1987 (NSW)
- Commercial Agents & Private Enquiry Agents Act 2004 (NSW)
- Unauthorised Documents Act 1922 (NSW)
- Limitation Act 1969 (NSW)
At Matthews Folbigg Lawyers, we grapple with this legislation every day. So you can be confident that we will maximise your return on investment for your credit control and debt collection.