The Better Regulation Office and the Department of Justice and Attorney General are undertaking a joint review of the debt recovery process in New South Wales and need to hear from NSW businesses.
There are currently a number of options for creditors seeking to recover debt, including legal action through the courts and mediation. The Consumer, Trader and Tenancy Tribunal is also available to resolve some types of disputes involving debts.
Small businesses need to get involved in the process so your voice is heard to make it easier for small businesses recovering debts in the future.
The review will examine the effectiveness and efficiency of the existing mechanisms and look into concerns raised about the cost and complexity of current processes, particularly court debt recovery processes and issues with enforcement of court judgments.
It will also investigate alternative approaches, with a view to making the process of debt recovery less onerous while taking into account the need to balance the rights of creditors and debtors equitably.
An Issues Paper with options for reform has been released for public comment until 25 November 2010 and can be accessed from the Better Regulation Office website at http://www.betterregulation.nsw.gov.au.
The Better Regulation Office and the Department of Justice and Attorney General are interested in hearing your views. Your organisation is encouraged to provide a submission. All comments will be closely considered as a part of the review.
Submissions may be emailed to debtrecoveryreview@dpc.nsw.gov.au
Submissions may also be sent to:
Debt Recovery Review
Better Regulation Office
GPO Box 5341
Sydney NSW 2001
If you are a small business owner trying to avoid bad debts, you might find the new service offered by CreditorWatch worth looking into also.
