The recent news that Eagle Boys Pizza has gone into voluntary administration, owing millions of dollars to creditors, is enough to make any business owner nervous.
In business, were always in the position where others owe us money so what would you do if one of these people or businesses suddenly went bust? Would you ever be able to recover all of your money back?
Well it depends. The insolvency world can be a confusing one. Quite often, unsecured creditors will write off debts when they still have options to recover the full debt or at least a portion of the debt owed.
But first, it all really comes down to one question has the business gone into receivership, voluntary administration …
Read the full article at: http://www.smartcompany.com.au/finance/72783-dont-write-off-debts-know-options-company-goes-receivership-administration-liquidation/