There are situations in which companies must verify the payments made by their clients or partners and, in some cases, debt collection is necessary for UAE companies. Our lawyers in UAE are specialized in debt collection and they are ready to offer you full debt collection services for companies and individuals. We mention that our advisors will use the appropriate debt recovery methods in order for you to negotiate with the debtor and get back your money. We can also support you with the collection of remaining payments and to help you with the follow-up procedures.
The meaning of debt in short details
A borrowed sum of money which is not returned in time as stipulated by an agreement in this sense, signed by a company (the creditor) and the debtor, is called debt. This is the case where our UAE attorneys can offer complete assistance and support when initiating the debt collection process.
Entering into debt collection proceedings in UAE, the debtor requir to identify that they can communicate effectively in order to resolve any existing problem and be able to negotiate the payment methods. The following phases are portion of the recovery method in UAE:
We will need complete evidence about the debtor, in order to make a complete and correct evaluation of the situation in which the debt arose. We will try to persuade the debtor to make the payment, however, if they fail to respond, usually within the 60 days-time limit, we will commence the legal actions for debt recovery.
In most circumstances, debt collection can be an easy procedure if an agreement in this sense is accepted by both parts: the creditor and the debtor. If the terms are not respected, then a court will settle the following steps in recovering the money or assets.
Loans, rental payments, or cheques can be subject to debt collection in UAE. We remind that any financial obligation made to a company in UAE needs to be respected in accordance. Our UAE lawyer is at your disposal if your company needs to recover credits or any related financial obligations.
If an amicable agreement cannot be reached you can also file a petition with a UAE court in order to recover any outstanding debt. It must be taken into account that UAE does not have courts specialized in commercial litigation, therefore, you will have to file your petition with the relevant local court. The first step of the procedure consists in the UAE court notifying the debtor through a registered demand letter which requires them to pay the amount and the late payment fees within 15 days. If the debtor does not pay, a trial can be commenced, stage in which the proceeding will be conducted in writing, as oral hearings are not possible in civil cases tried in UAE. The remedies issued by the court usually consist in compensatory damages.
It is definitely unpleasant to deal with the debt collection procedures in case of unpaid bills or contracts. Our debt collection agents in UAE are here to offer the possibility of paying the debts in a rapid and advantageous manner, in order to skip the formalities related to an execution in the court of law. Each case is unique and companies or natural persons involved in a debt collection procedure should seek immediate legal assistance and support.
Particular cases of debt collection might involve the sale of a specific share of the debt to another company called debt buyer or factor. Such company can buy debts and account for a certain percentage of the debt value and then pursuing the debtor for full balance, in agreement with the initial agreement or contract. It is a known fact that in the case of debts sale, the creditor receives direct revenues, although they are reduced compared to the value of the debt. In this situation, the debt buyer or the factor takes or receives the risks of the debt collection. Let our lawyers in UAE tell you more about the debt collection procedures and about the ways in which companies can recover the payments.
Debt collection agencies are at the disposal of foreign and local companies that are interested in recovering specific payments. The legislation specifies that agencies can locate debtors by getting in touch with other individuals or companies if it is the case, keeping information about debts in complete confidentiality. In case of deceased persons, the debt collection might involve the sale of properties or assets, without having to consider that the relatives are the next in line to make such payments. There are also situations of debts abroad which need to be recovered in UAE. It is important to know that our debt collection specialists in UAE will contact foreign parties and agencies and agree on the financial recovery methods with no complex formalities.
As it is known, lawsuits take time and money, among other things, therefore, with the complete support from our team of advisors, your company can rapidly recover the payments from clients or partners, under new conditions if are needed. Moreover, there is a limit of 60 days until the case goes in the court of law, in front of the authorities. All the financial obligations of a firm can be effortlessly recuperated if companies decide on the support provided by specialists in this domain, the debt recovery agencies in UAE.
Our UAE law firm can help you recover any existing debts and will also support you to verify any ongoing payments from customers or partners and repossess any recovered assets.
Please feel free to Contact Our Law Firm In UAE, if you are in need of debt collection services in UAE.
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