Recovering debt when Debtor has admitted claim
When a debtor admits they owe money or goods LME can assist clients to negotiate or obtain payment for a highly competitive fee.
All you need to do is provide
- Your details
- The details of the claim admitted
- Payment details
LME will negotiate with the other party or apply for enforcement and let you know what is happening at every stage of your matter. Please note that even if the debtor admits that they owe you money this does not necessarily mean that you will recover your money. For example, the other person or company may claim bankruptcy or insolvency.
Tax deduction for legal expenses of recovering income
If you are recovering a debt that would form part of your assessable income, such as business income, you can claim a tax deduction for the legal expenses associated to the recovery. Please see our Taxation page.