You have 6 years to recover a debt, but there are some “buts” that can extend that time.
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Now more than ever, small business knows that at the core of running a small business is getting paid. This is particularly relevant in current economic downturn of Covid-19 causing business cashflow to drop dramatically.
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Using the Personal Property Security Register as the centralised system for recording your interest in personal property is a prudent business measure for protecting your assets against unforseen claims of ownership by others.
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The day you need water from a well is not the time to start digging. Likewise with debtor management and the flow of cash through your business. It may be too late to start chasing old debtors when the bank account is low.
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