Michael Lebovic, Paralegal and President of Canadian Corporate Legal Services quoted in the Financial Post, Part Two
From Collecting from deadbeats is never easy, Drew Hasselback, Financial Post · Jan. 24, 2011 | Last Updated: Jan. 25, 2011 10:09 AM ET
Don’t wait too long
“I would say the biggest mistake that creditors make, both personal and business, is they wait way too long,” says Michael Lebovic, a paralegal at Canadian Corporate Legal Services (theydidntpay.com). Lots of people put off collections calls because they worry that pressing clients on debts might poison the waters and affect future business. That shouldn’t be a problem if you’re straight with the client about your needs. For example, your bank might require you to take action on debts that are outstanding for too long. For some people, delaying payment on bills is actually part of their business strategy. Be frank with them about the conflict, and maybe they won’t play the delay game.
The thing you need to keep in mind is each province has rules on limitation periods. The law can get a little complex, but the basic rule in Ontario is you can’t sue if the debt is more than two years old. You need to know the limitation period in your province so you can ensure you preserve your right to take legal action before it’s too late.
http://www.nationalpost.com/todays-paper/Collecting+from+deadbeats+never+easy/4154110/story.html
