The economy has been more competitive since the economic downturn than in the past, making it difficult for small and medium-sized businesses to remain alive without creative business strategies. In order to thrive in this intensely competitive environment, businesses need to reinvent themselves most of the time, which ensures that vast amounts of money are spent in marketing and rebranding.
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As a result of this situation, many small and medium-sized businesses in Australia are in debt and some of them threaten to become insolvent as well. A debt recovery plan that gives results without professional support is not easy to come up with. You need to consult a team of professionals with expertise in dealing with this topic if you want to get rid of your debt. You will be advised to select a solution that will fit in your particular situation after reviewing your situation and will meet your requirements. You should be aware of the fact that the government covers you under the Australian Consumer Act when it comes to Australian debt relief and recovery measures taken by creditors.
When recovering their capital, creditors are known to be imaginative, but Australian law forbids them from using deceptive acts and language, threatening or coercing you, and behaving unconscionably towards you to achieve their target. Under Australian Consumer Law (ACL), your legal rights defend companies from aggressive creditors or collectors who may try to take undue advantage of you. Via the Ministerial Council on Consumer Affairs (MCCA), the ACL, which is a joint reform of the Australian Government and the States and Territories, also guarantees that this type of action is not tolerable to your family members, partners, or anyone else affiliated with you. There are, however, certain steps that a borrower has every right to follow, such as making a statutory order, a declaration of claim and judgment, a notice of liquidation, a garnishee, a penalty notice from the director, and using debt collectors as long as they do not use coercive methods.