The present economic distress that befaces a lot of us as well as our companies with difficulty in collecting our receivables, and if this situation persists and will not be addressed properly it will gradually sap our resources.
Of course companies may opt to file cases in court against their debtors but this may take time and even after a long and tedious trial there may be no guarantee that they will get paid. Aware of this scenario and taking into consideration the significant roles of industries, the law allows creditors to make use of these “bad debts” in lowering their income tax liabilities. Creditors who are suffering losses due to uncollected debts should not be easily discouraged as there are other remedies which they may use to stay in business.
Our Firm offers legal services to help you in this matter of concerns. Find out from us how creditors who are unable to get paid can still remain viable by somehow passing on to the government their losses.