A primer on secured transactions and other contractual means of protecting your business against unpaid accounts
For small businesses, the cost of litigating unpaid accounts can be prohibitive. Although a successful litigant is generally entitled to partial recovery of its legal costs, often times, such costs aren’t recovered until years after an action is commenced, if at all. Consequently, for business clients, for whom cash flow is king, the juice of litigating unpaid accounts often times isn’t worth the squeeze. On September 27th, join business law lawyer Kyle Stout and learn how to protect your business against unpaid accounts through contract, rather than chasing them in Court (or writing them off) after the fact. Whether through personal guarantees when contracting with a corporation, or under a General Security Agreement registered under Ontario’s Personal Property Security Act, there are several contractual means available to businesses to protect against bad debts. This lecture will cover the basics of how to protect your business now so that you don’t have to sue later to recover unpaid accounts.