When a company fails to pay their bills or invoices, it can be a difficult situation for both the company and their creditors. Fortunately, there are steps that can be taken to ensure the recovery of payments.
Steps for process for recovery of payment from company
step 1 : In the recovery process is to contact the company and discuss the issue. This must be communicated in writing, either by letter or email. The letter should include the amount of money owed, how long the debt has been outstanding, and a request for payment. It should also make it clear that the creditor is willing to take legal action if the debt is not resolved.
Step 2 : A demand letter is then sent as the next step. This letter should include the amount of money owed, the date by which payment should be made, and a warning that legal action may be taken if the debt is not resolved.
Step 3 : If the company still fails to make payment, the creditor may then consider taking legal action. Depending on the situation, this could include filing a lawsuit or sending a court order.