#30 Late Payments & Legal Proceedings
Having spent the first 12 years of my legal career in Litigation and Dispute resolution, I have experienced first-hand how litigation can affect businesses, people, and relationships and how it ought to be avoided at all costs if possible.
In this episode, I share my observations of what can go wrong and how small businesses can navigate their way through making the decision on whether or not to go through with legal proceedings.
Legal proceedings are not a quick fix and do not always provide a quick answer, with the nature of the dispute sometimes lasting months or years at a time. I share my tips and thoughts about how you can make the safest and most appropriate decision for your own business so that you can receive the best outcome and avoid unnecessary costs and complications.
TOPICS DISCUSSED AND WHERE TO FIND THEM:
[2:40]: Legal proceedings are not a quick answer, nor is it a quick process. When going through the application process there is much required and can sometimes take up to years to finalise depending on the nature of the dispute.
[3:26]: Going through with legal proceedings also involves risk to you and the other party. It is important to look at the reasoning, how much financial risk there is and how it can impact businesses and livelihoods.
[4:50]: Emotional reasons for pushing through legal proceedings do not justify the decision to go to court. This process is not for the faint-hearted and decisions made based on emotion can often bring regret, especially if it is something as serious as legal proceedings.
[5:38]: Be sure of your decision and look for other ways to resolve the issue because once legal proceedings start, having a change of mind will not be enough for you to withdraw.
[6:19]: Properly tailored business terms allow you to navigate through the issue of late payments if they arrive. Have a properly prepared and carefully considered set of processes for your business to follow.
[7:54]: Have a look at your business terms to see what your rights are and what the party’s obligations are. This can help to reach a mutual understanding before any other action is taken.
[8:38]: If you do have outstanding payments that must be resolved through legal proceedings it is best to speak to your lawyer and look at other options to come to the best solution for you and your business.