Thursday, December 10, 2009
Business Lawsuit
I've been collecting evidence of a business lawsuit we're going to have. What happened? One of our client owes us lots of $$$$$$$ for over a year. Dad told me one of the shareholder has used their company's money for her personal use. I talked to a few lawyers who specified in collecting debts about this, they all charge about 20-35% of the debt, or $350-450/hr. It's a lot of money. But if we don't take this action, we probably won't be able to get the money back. Plus, we're not the only company who's going to sue this client. I stayed my dad's office for a few days, tried to gather one year of invoices, purchase orders, and bill of ladings. They fit into a 1.5" binder. It was a lot of work, very chaotic... Some invoices have duplicated PO's, and some PO's have duplicated bill of ladings. But I did it, made them into 2 sets, one for lawyer, and one for us. We're ready to do it!
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good job... collecting money i thought was always the toughest part of a transaction - even though it should be the best part where the 'profit' actually happens.
ReplyDeletegood luck on it lawsuit, speed is of the essence if they have multiple collectors - first come first serve! i'm no expert, but it seems better to get some paperwork in and amend it later then wait to do the whole thing proper imo
Thanks derrick, we already had our lawyer sent the client the collecting debt notice. hope we can get our money back asap!
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