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How do you handle business debtors who have refused to pay?
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[QUOTE="Axis, post: 289594, member: 66672"] One of the problems faced by majority of business organisations is the problem of handling debtors who refuses to pay the business what their owe. Businesses cannot regulate their debtors and that is because if they do so they will lose a lot and somehow the business may become liquidated or insolvent. To handle debtors who refused to pay the business what they have owe possible steps the business owner can take is by reporting the matter to the authority. However before doing so he or she must have take turns in letting the debtors to know that he is going to take the matter to the authorities. From there the matter can be taken to the court where the debtor could be confined of his liabilities, he or she could be jailed or possibly declared bankrupt. In a situation where a court declares a debtor bankrupt, the business who is alleged may have no other choice but to record such situation as bad debts in the business books of accounts. [/QUOTE]
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How do you handle business debtors who have refused to pay?
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