How to cancel a lease when your commercial tenant stops paying rent

Posted by:

This article is about what you should and shouldn’t do when enforcing your commercial lease against a tenant that has defaulted on their rent payments or another condition of the lease.

Do not:

Do not take matters into your own hands. Do not physically remove the tenant or the tenant’s property or change the locks.

Do:

The best thing to do is to see a commercial lawyer. Take with you a copy of all the documents you have that relate to your lease together ...

Continue Reading →
1

Debt collection 101: demand payment

Posted by:

Someone owes you money and you want to be paid.  You may have lent them money or they may owe it to you under an agreement e.g. unpaid rent, or goods supplied on credit.  How do you get the money from them?  Can you make them pay?  A common first step to recover a debt is to write a letter demanding payment.

A “letter of demand” is a formal way of demanding payment. The letter will usually include the following information:

  • Identify ...
Continue Reading →
0

Debt collection 101: register a security interest over goods sold on credit

Posted by:

In business the most important thing is your bottom line.  You need to get paid.  The best way to do that is to only accept cash.  Unfortunately that does not work for everyone who is in trade, some businesses need to take goods and/or services on credit in order to keep operating. It makes more commercial sense for some businesses to pay you once a month. The first step in debt collection is having good systems in place from the ...

Continue Reading →
0