- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Whats the best way to handle a company that owes you money?
Posted on 3/27/14 at 11:47 am to Placebeaux
Posted on 3/27/14 at 11:47 am to Placebeaux
emotions/feelings and business don't mix. If you are not looking out for you no one else will. I hope things work out for you but the facts you presented don't sound promising.
I have been to claims arbitration before and after long months or sittings only got pennies on the dollar.
I have been to claims arbitration before and after long months or sittings only got pennies on the dollar.
0
Posted on 3/27/14 at 11:48 am to Placebeaux
You need a new lawyer!!!!
I would be trying to get our legal team replaced if they let my invoices linger unpaid this long. Find a new lawyer and tell him to unleash hell on those bastards!!!!!!!!
I would be trying to get our legal team replaced if they let my invoices linger unpaid this long. Find a new lawyer and tell him to unleash hell on those bastards!!!!!!!!
Posted on 3/27/14 at 11:49 am to Placebeaux
You can always find some ,for a price, people that will gladly go collect it for ya. In a friendly professional manner of course.
Posted on 3/27/14 at 11:49 am to Placebeaux
quote:
they were a sub
1. Does your contract with them say 'pay when paid'?
2. Have they been paid by the GC?
This post was edited on 3/27/14 at 11:50 am
Posted on 3/27/14 at 11:52 am to The Mick
quote:
Does your contract with them say 'pay when paid'?
with one of them
they were paid on over 60% of it and admitted to it.
the other 40 they said they were never paid on but admitted to not even invoicing it. To me that's negligence
This post was edited on 3/27/14 at 11:53 am
Posted on 3/27/14 at 11:52 am to Placebeaux
quote:
In business I have always been straight up with everyone and I expect the same.
That's a very dangerous mentality in business. I have seen seemingly reputable businesses completely frick over their vendors, subs, customers, etc.
Collections laws are also not overly kind to the creditors. They tend to want to keep money and property in the flow of the economy, rather than tied up in long legal proceedings.
Posted on 3/27/14 at 11:58 am to Placebeaux
Okay, I'll read the thread next time.
I'm owed over 300k by a local oilfield concern. We talked them into filing for Chapter 11 protections, which allowed them to be put on a manageable, court mandated and overseen payment schedule (because they owe a lot of others as well). This "forces" them to pay us, but it's all academic if their revenue streams dry up. Also, if any creditor wants to, they can force them into Chapter 7, but then, no one would get paid anything.
I'm owed over 300k by a local oilfield concern. We talked them into filing for Chapter 11 protections, which allowed them to be put on a manageable, court mandated and overseen payment schedule (because they owe a lot of others as well). This "forces" them to pay us, but it's all academic if their revenue streams dry up. Also, if any creditor wants to, they can force them into Chapter 7, but then, no one would get paid anything.
Posted on 3/27/14 at 11:59 am to Placebeaux
quote:edit: just read beginning, I understand now. Have you tried going after the performance bond?
with one of them
they were paid on over 60% of it and admitted to it.
the other 40 they said they were never paid on but admitted to not even invoicing it. To me that's negligence
This post was edited on 3/27/14 at 12:04 pm
Posted on 3/27/14 at 12:01 pm to Specktricity
quote:What do you mean?
Collections laws are also not overly kind to the creditors. They tend to want to keep money and property in the flow of the economy,
Posted on 3/27/14 at 12:04 pm to BeerMoney
I have a company that has owed me $25,000 for six years, contract, yep, even got a second contract 3 years ago that said they would pay me off with interest in 6 months, no dice. When I contacted a lawyer I was told it would cost more to go after them then it was worth, good luck.
Posted on 3/27/14 at 12:05 pm to blueboy
That is why you file liens. They are relatively inexpensive, and in the case of a bankruptcy filing you are first in line to get paid. Also, If the company that owes you didn't own the land where the work was completed, which is the case with most sub-contract work. Then you stand a very good chance of getting paid in full.
Posted on 3/27/14 at 12:07 pm to Placebeaux
quote:
Anyone have experience with this? The feedback is appreciated.
The amount of money would be appreciated.
If it's an insignificant amount just let it pass & one less person that will bother you for a loan/favor in the future .
I am delighted when I loan someone( who always borrows money )$40 or $50 bucks & they repay me.
It's worth it to get a beggar out of your face /life.
Posted on 3/27/14 at 12:08 pm to Specktricity
Hi
This post was edited on 3/27/14 at 12:40 pm
Posted on 3/27/14 at 12:09 pm to Placebeaux
Man, I feel bad for you. That is just flat out theft. I have seen large building contractors hold up payments for 3-4 months on technicalities like change orders, payment schedule errors, punch list items, etc.. One contractor I sold to held up a $60,000 concrete invoice for 4 months over a low yield issue on one 9 yard truck. ONE $70 yard of mud on one truck over a 900+ yard pour. I learned real quick which contractors took advantage of small issues to stay far out ahead of cash flow.
Never dealt with one that just never paid though. Just the ones that made me jump through a million hoops to get paid.
Never dealt with one that just never paid though. Just the ones that made me jump through a million hoops to get paid.
Posted on 3/27/14 at 12:23 pm to The Mick
I am primarily speaking of property liens because I am a contractor and I am familiar with them.
All of the burden of securing your debts falls on the creditor. There is a short time after the project to file a lien (60 days) and also a relatively short time after the lien is filed to file suit (1 year). Therefore some though decisions have to be made because many times your debtor is a company you have had good dealings with in the past. Legal actions will surely stress that relationship, but you have to keep your own interest in mind.
Liens prohibit property from being sold without payment of the debt. Our court system does not want property effectively off the market for long amounts of time. That's just what I was told, but kind of find that ridiculous.
All of the burden of securing your debts falls on the creditor. There is a short time after the project to file a lien (60 days) and also a relatively short time after the lien is filed to file suit (1 year). Therefore some though decisions have to be made because many times your debtor is a company you have had good dealings with in the past. Legal actions will surely stress that relationship, but you have to keep your own interest in mind.
Liens prohibit property from being sold without payment of the debt. Our court system does not want property effectively off the market for long amounts of time. That's just what I was told, but kind of find that ridiculous.
Posted on 3/27/14 at 12:31 pm to Specktricity
quote:Oh, I feel good about our first in line status, but if the turnip runs out of blood, it won't mean much.
That is why you file liens. They are relatively inexpensive, and in the case of a bankruptcy filing you are first in line to get paid. Also, If the company that owes you didn't own the land where the work was completed, which is the case with most sub-contract work. Then you stand a very good chance of getting paid in full.
Posted on 3/27/14 at 12:33 pm to blueboy
Bob Loblaw Law Bombs
Posted on 3/27/14 at 12:39 pm to Specktricity
quote:Wish I knew what this means...
Our court system does not want property effectively off the market for long amounts of time.
(not being a dick, seriously dont understand) although my previous comments were dick'ish which Im removing with apologies to you sir
Posted on 3/27/14 at 12:40 pm to The Mick
quote:
performance bond?
What is that?
Posted on 3/27/14 at 12:42 pm to Placebeaux
The contractor has to take out a bond on most large construction jobs (usually required by the bank, owner of property, sometimes the permit office). Its basically an insurance policy that they will complete the work and pay the subs. If they dont pay you can file a claim against the bond and get paid. There are rules to filing against a bond too so it works only a fraction of the time, but its an option nontheless.
edit: PS - bond claims are paid out basically first come first served. Once the total amount of the bond is paid out, there is nothing else to get. So - hurry up before everyone else beats you to it (which may be the case now)..
edit: PS - bond claims are paid out basically first come first served. Once the total amount of the bond is paid out, there is nothing else to get. So - hurry up before everyone else beats you to it (which may be the case now)..
This post was edited on 3/27/14 at 12:45 pm
Page 4 of 5
Back to top
Follow TigerDroppings for LSU Football News