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TSH-SR
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I have no problems with the other comments BUT – have you taken the time to just rock up, walk in the door and have a yarn to the guy, if he is busy, it may have got to the point where his cashflow is strapped, the bills have got away from him and he may be very embarrassed and not sure what to do himself.

Walk in and sort it out today or tomorrow – it sounds as if you might find this difficult to do, it is very difficult to confront this issue, but you must do it and the sooner the better. Too many businesses procrastinate over this issue and suffer severely for it.

The next thing to do is make sure it is very unlikely to occur with your other clients on terms. I have heard people say over the years that they will not deal with new businesses for this sort of reason. I think you need to be a bit more hands on and in the face of new businesses, get to know a bit about the principals before you offer them too much.

Let us all know how you get on with it.
Regards Tony