14 Mar 2022
Appointing debt collectors in Dubai will succour your company regain its cash flow by recovering outstanding (or written off) debts from debtors located within the country or outside. Wikipedia describes the term ‘barter’ as a system of exchange wherein participants in a transaction hand over goods and/ or services in exchange for other goods and/ or services without using a (currency) medium of exchange. However, it is apparent that this simultaneous need for particular goods and/ or services was rare, and therefore came the need for a medium in which trade could be conducted. This medium was money. Although, it clearly did not stop there. With advancements in trade, came various different modes of modes – such as credit, cheques, LCs, etc. Years later, one of the main issues that the corporate environment of the twenty-first century faces is the collection of debt. Suppose you are a manufacturer of let’s say – tomato paste – and you wish to sell your products in the local market.
The general payment terms may vary between credit of thirty (30) days to credit of ninety (90) days. This means that your client would pay you to post the period from the date of your invoice. However, traits of trade give rise to numerous issues in such instances. The customer or client may fall bankrupt, they may face legal or compliance-related issues, their clients may not pay them, etc. Basically, it is an endless world of probabilities and variables. Another issue that clients generally face is the effect that bad debts (or delayed debts) have on the cash flow of business. Companies (especially entities that rely on a cash-based revenue model) are generally affected to a larger extent by the failure of their clients to clear their outstanding (or pending) amounts. Therefore, it is pertinent for one to obtain legal advice in order to engage and establish a line of communication with debtors in order to recover funds. Our Dubai lawyers specialize in debt recovery in UAE and have assisted numerous clients to recover their outstanding amounts.
How to Recover Debts in Dubai?
A company would generally have two (2) primary options to recover its debts in typical situations:
(i) for their lawyers to serve a legal notice and follow up with the other party (the debtor) consistently to settle the matter; or
(ii) to consult a lawyer and file a case in the court of the relevant jurisdiction. Companies should ideally approach lawyers in Dubai with a dedicated debt recovery practice to recover their outstanding funds with the least effort.
More often than expected, clients face adverse situations where the opposing party (or debtor) may be fleeing the country due to numerous reasons. Both the options listed above by our Debt Recovery team in Dubai would not suffice in such situations. It is therefore important for your lawyers in UAE to understand the exact details of the situation prior to taking a situation and advising you on the matter. Our best lawyers in Dubai have an explicable track record in recovering funds from debtors due to our effective and strategic approach to such matters. It is pertinent for your lawyer in UAE to understand the specifics of the matter and devise a fool-proof strategy prior to proceeding to recover the debt. Each matter is distinct and therefore the strategy of each case should be identified in a bespoke manner to ensure that the interests of our client are safeguarded. Our law firm in Dubai specializes in debt collection and would be able to provide you with a clear course of action to ensure that our clients are fully involved in the process.
Cross Border Debt Collection | International Debt Recovery
With globalization and growth in cross-border trade, there has been a growing need for local debt collectors with international reach and experience in global markets. Our lawyers in Sharjah aim to ensure that all your debt collection in UAE requirements are met even in adverse circumstances when the other parties (debtors) are located outside the country. We believe that a standard approach of simply serving a legal notice is not always the right approach. Debt Collectors in Dubai should try to understand the dynamic trends in the markets to advise clients on the best possible approach to recover the funds. Furthermore, it is also pertinent for clients to advise on the probable chances of recovering debts. We aim to provide high-standard service to our clients and will inform you of the probability to recover the outstanding funds. We believe that:
“A good lawyer is one that can obtain a judgment in your favour; however only the best lawyers can recover your monies.”
There are numerous fly-by-night operators in the markets today and therefore it is very imperative for you to understand whether the funds are ultimately recoverable or not, prior to investing further. Every company faces liquidity or financial turmoil once in a while; however, the success of a business depends on its vision to sustain such issues. Contact our Best Lawyers in Dubai for all your Debt Recovery in UAE.