Advice on prevention and treatment of bad debts

Thu, 02/10/2011 - 10:50

The treatment of unpaid debts entails having clear preventive measures in place. This means legal advice should be sought before being faced with a situation of bad debt, thus ensuring a better guarantee of recovering any outstanding payments. It is also important to know the creditworthiness of your debtors in advance, and to know who is jointly or vicariously responsible for payment. In this regard, we offer our clients professional services which cover everything from debt prevention to bringing a court claim for debt recovery or non-payment.

These services include the following:

  • Providing advice before making the necessary arrangements for administrative procedures, which may include appointing a Credit Manager
  • Preparation of all necessary documentation if proceeding legally, in order to obtain a positive outcome
  • Study and analysis of the type of debt. Determine whether the debt is recoverable or uncollectible
  • Analysis of debtor's insolvency: whether it is genuine or feigned
  • Analysis of the possible liability of directors or others involved in the operation
  • Study of the most appropriate course of action to follow
  • Writing and sending of all statements of claim necessary to debtor companies or other liable parties
  • Personalised treatment of each debt proceeding, with follow-up provided by telephone and written communication
  • Personal negotiation with debtors and their legal representatives
  • Drafting of agreements reached between the parties and statements of outcome and settlement
  • Preparation of relevant claim and court proceedings as applicable.