How to recover outstanding debt?
Hiring debt collectors in Dubai will help your company recover its cash flow by recovering outstanding (or written off) debts from debtors located inside or outside the country. Wikipedia describes the term "barter" as a system of exchange in which participants in a transaction deliver goods and/or services in exchange for other goods and/or services without using an intermediary (currency) for exchange.
However, this simultaneous need for certain goods and/or services was evidently scarce, and hence the need for a medium through which the trade could be conducted arose.
This means was money. Although it clearly did not stop there. With the progress in commerce, various different types of patterns have emerged – such as credit, checks, letters of credit, etc.
Years later, one of the major issues facing the corporate environment in the twenty-first century has been debt collection. Let's say you are a manufacturer say - tomato paste - and you want to sell your products in the local market.
What are the terms of payment?
General payment terms may vary between a credit of thirty (30) days to a credit of ninety (90) days.
This means that your customer will pay you to carry over the period from your invoice date.
However, the attributes of the trade lead to many issues in such cases. The customer or client may go bankrupt, they may have legal or compliance issues, their clients may not pay them, etc. Essentially, it's an endless world of possibilities and variables
What problems problem that customers encounter?
Another problem that customers generally encounter is the effect of bad debts (or overdue debts) on the cash flow of the business.
Companies (particularly entities that rely on a cash-based revenue model) are generally greatly affected by the failure of their customers to liquidate outstanding (or pending) amounts. Therefore, it is appropriate that one obtain legal advice in order to engage and establish a line of communication with debtors in order to recover funds.
Our lawyers in Dubai specialize in debt recovery in the UAE and have helped many clients recover their outstanding amounts. their attorney to provide legal notice and to follow up with the other party (the debtor) constantly to settle the matter; or (ii) consult an attorney and file a case in the court of the relevant jurisdiction.
Companies should ideally connect with lawyers in Dubai through a dedicated debt recovery practice to get their money owed back with minimal effort. More often than expected, customers face adverse situations where the opposing party (or debtor) may flee the country for many reasons. Both options mentioned above by the Dubai debt recovery team will not be sufficient in such cases.
Therefore important for your lawyers in the UAE to understand the nitty-gritty of the situation before taking a position and advising you on this matter.
Our best lawyers in Dubai have a proven track record of recovering money from debtors due to our efficient and strategic approach to such matters. Initiate debt recovery.
Each issue is unique and therefore each case strategy must be defined in an ad hoc manner to ensure that the interests of our clients are protected.
Our law firm in Dubai specializes in debt collection and will be able to provide you with a clear course of action to ensure that our clients are fully involved in the process. International Debt Recovery With globalization and growth in cross-border trade, there has been an increasing need for domestic debt collectors with international reach and experience in global markets.
Our lawyers in Sharjah aim to ensure that all your debt collection requirements are met in the UAE even in adverse circumstances when the other parties (the debtors) are located outside the country. We believe that the standard approach of simply providing legal notice is not always the right one.
Debt collectors in Dubai should try to understand the dynamic trends in the markets to advise clients on the best possible approach to recovering funds, moreover, it is also appropriate for clients to advise on potential debt recovery opportunities. We aim to provide a high-level service to our customers and we will let you know the possibility of a refund
Hussein Elsayed Murshedek Consultants Law Firm and Legal Consultants meet all your legal needs, as we put in your hands a wide-ranging 30 years of experience in various specializations and fields of application and we provide all kinds of legal services to our clients, as we represent an integrated legal services organization in the UAE.
The Debt collection team will do the following scope of work:
1- Making calls to the defaulter party..
2- Sending emails regarding the due payment.
3- Fixing meetings for discussion, negotiations and settlement with the defaulting party.
4- Following up on the emails.
5- Negotiating the payment.
6- Reviewing the documents provided by the client.
7- Drafting of the settlement agreement.
8- Drafting and sending legal notice (in-house).
9- Drafting of the legal notice.