Debt recovery

Debt recovery, involving the use of all legal methods of recovery and collection.

Contents of the service:

• Our opinion on whether the debt is recoverable. Our professionals will analyze your debt and issue their opinion free of charge, stating the feasibility of debt recovery and how much it will cost. With that opinion, you can make an informed decision whether it would make financial sense for you to press ahead with your debt recovery effort.
• Letter of claim; if you decide to persevere with your debt recovery, Competenz lawyers will send your debtor a skillfully worded claim with a detailed statement of your viewpoint, supported by evidence and references to the appropriate provisions of the law. We know from experience that, having received such a letter, many debtors prefer to pay back rather than face the consequences.
• Litigation; if the case goes all the way to court, Competenz lawyers will fully defend your company, leveraging all the lawful tools and methods to exert pressure on your debtor, which may greatly impede the debtors financial operations (e.g. when the debtors bank account is seized).
• Judicial enforcement; after the court rules in your favor, it is important to make sure the ruling is enforced. Competenz lawyers will devise a workable enforcement solution, and make sure the court bailiffs do their job right.

If you want to accelerate your debt recovery as much as possible, Competenz may offer to purchase your right of recourse against your debtor through cession. In this case, you will receive your money right away, while our lawyers fully take over the recovery effort.

Case studies:

Client's task: recovery of a contractual debt.

Description: the client had provided its services in repairing some blast furnaces. Appropriate deeds of service delivery had been signed, but payment was never made. The talks with the customer had failed. We filed a lawsuit on the clients behalf, whereupon the debtor redeemed the debt voluntarily. We withdrew our suit.

Result: the client recovered US $10,000 at a minimal attorneys services cost.

Client's task: recovery of a contractual debt.

Description: our client had supplied some metal structures to its customer, as evidenced by a commodity bill of lading. However, the customer refused to pay, referring to the absence of a contract between the parties. The client sought help from us. Having reviewed the situation, we drafted a lawsuit and went to court.

Result: the court ruled in favor of our client, binding its customer to pay for the goods delivered and pay interest for unlawfully retaining the money.