Greg Nolan Solicitors - Business Feature

With many businesses finding it difficult to get paid by debtors in the current climate, one Galway solicitor is offering invaluable advice to businesses throughout the West.

Instead of stressing out or ignoring the situation, hand the matter over to a solicitor with a proven track record in the area of debt collection. Solicitor Greg Nolan offers expert advice on the most effective methods of recovering your debts. Don’t despair; valuable time can be wasted by you chasing debts. Focus your energies on running your business.

"If the person who owes you money doesn’t have it now, then you obtain a legal charge known as a judgment mortgage against their property so either now or when the recession is over you can look to get your money with interest and / or force a sale of the debtor’s property”, says Greg.

In all instances judgment should be obtained from the debtor without delay. The judgment can be enforced and you can get paid in a number of ways to include payment to you by court approved installment payments; seizing of debtor’s goods by the sheriff and seizing of any monies that are to become payable to the debtor.

Although the country is experiencing a recession, according to Greg Nolan there are certain opportunities to avail of in a recession:

Low Property Valuations: Take advantage of low property valuation rates to minimize or eliminate any gift tax liability in respect of any transfer your property to your children and loved ones.

Commercial leases: Review your lease. It may be possible to achieve a reduction in your rent. Take advantage of your current strong bargaining power as a tenant.

Restructure your business: Whether you are refinancing, downsizing selling or outsourcing always take expert legal advice. Consulting early with you solicitor will help you iron out any legal issues in advance, thereby saving and making you time and money in the process.

For further information please contact Greg Nolan Solicitors