International pry-legal Debt collection
Receipt of Receivables
For many businesses, foreign debt can be intimidating. Because, most do not know where to begin in the process of international debt collection. Especially, differences in language, time zones, local cultures and laws, make an already challenging problem seem like an insurmountable obstacle. However, the valuable time and resources your company would spend in collection efforts often appear great.
International laws and regulations regarding the recovering credit exist, but the failure to implement these laws can result in creditors experiencing difficulties. It is possible to recover credit without needing to take legal action. Using the Code of Obligations, Code of Commerce and Bankruptcy Law regulations, the debt collection agencies or law offices can choose to pursue an amicable settlement or a court procedure. The result of a high number of transactions is that serious problems can be encountered during the process of recovering money that is owed to you, above all the difficulty of finding information regarding the credit worthiness of the debtor who lives abroad.
Yet, you can protect yourself from these situations by creating contracts, which will aid you when waiting for payments that have not arrived. For a company receiving what is owed to them is essential to survive and to grow, thus for them it is good to know that, in the absence of clear responses from the part of the debtors who are abroad, one can contact professional support so as to recover the expected sums as soon as possible. If there is any doubt surrounding the speed or reliability of one’s own national courts, it is good to know that each creditor can appeal to foreign courts to succeed in recovering one’s money.