Singapore Entrepreneurs Network & Startup Organization

There are many ways to claims:
1. Off court negotiation, cannot solve,
2. give formal letter notice and warning (may get a lawyer to write this letter which is more effective), then
3. go for small claims tribunal, if didn't turn up, the court will rule that you win the case against the other party,
4. with that you can request for writ of seizure (to seize their possession)
5. Another alternative, you can engage a debt collector to help you with the debt recovery

A company cannot wind up unless they have paid off all the debts or a judgement is handed down.

The most effective way in my opinion is to get a debt collector.

Debt collector finds ways and means to help you recover your debt as it is their business. But charges may be about 40% to 50%. They have creative ways to help you... hahaha, good luck. I tried once on as I had a customer refusing to pay even after the Small Claims Tribunal award me. I resort to debt collector who managed to get 6 post-dated cheque within 2 weeks which eventually cleared after 6 months. I tried for more than 2 years, and they took only 2 weeks. But I paid 40% of the amount as commission to the debt collector. I just felt unfair that the debtor should keep my money, so i rather take half. Is hard work that should be paid full. But I just want justice! The company I use is Nation & Associate...

Yes, pte ltd is liable to certain amount. What you can do is to do a company search online (about $4 - $5) under http://www.acra.gov.sg to know what is their setup. Quickly get a debt collector to help you pursue as like you mention they are closing in 2 months. Hopefully you can recover some of the debt back. They have 2 methods of charging, pay a certain amount plus low percentage commission or alternatively no upfront, but high percentage commission. Hopefully you can recover as much as you could.

If you know their bank account details, you can get a lawyer to garnish their bank account and recover your debt too. Do talk to a lawyer about this.

Kite, I am glad for you. We deserve every send a debtor owes us and likewise I belief whatever service/products we consume, we need to pay...

Yes, that is when you write-off your bad debts.

Dear Apee saying that just write off your depts seems to be very easy at theoretical basis but practically it does not work. how can a person forgo the depts which can contribute much to his business if collected.