A delinquent account or delinquent debt, is any situation where an invoice has been generated and after 30 days, or other agreed upon terms, it remains unpaid.
Simply put, it is money you were owed a month ago, in return for your goods or services you provided. A customer or an account is consider to be delinquent when the debt is owed and is overdue, based on the terms of payment that was agreed upon.
Delinquent accounts are synonymous with many things: a lack of cash, bad business practices, strained customer relations, unknown pay days, etc. Delinquent accounts are something NO business owner should be dealing with, however, over half are.
As with all legal actions in Alberta, there is a time limit on when you can commence an action against an individual or company for monies owed. In most situations, that time period is two years from when you knew or ought to have known that money was properly due and owning. While there are certain matters that can alter or extend these deadlines, the best practice is to avoid any delays and move within clear deadlines.
We are here to assist you in ensuring that you meet all necessary deadlines and protect your interests.