COMMERCIAL DEBT RECOVERY

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Our firm holds an impressive record of successful commercial debt recovery in Greece. We have become experts after a decade almost of the financial crisis and its impact in Greece. We have handled quite difficult cases as we identify fast the best way to collect the debt in question and that is because we are fast, accurate and organized.

An effective approach to debt collection helps boost cashflow and reduce the risk of overdue payments turning into bad debts.



Late payment – first steps

Issuing invoices and regular statements should be a standard part of your credit control routine – before a payment even becomes overdue. Once a payment deadline has been missed, quick action to chase debts is essential.

Before starting more formal debt recovery proceedings, it’s worth assessing the situation.  We conclude an asset research first, on any asset of the debtor, whether corporate or natural person. We take advantage of immediate legal notice in order to persuade the debtor to pay at once or make a re-settlement of the debt, in accordance to your instructions and the conditions involved.



Legal action to recover debts

An alternative approach to debt recovery is to prepare to take court action, if the first steps seem to fail. The first step is to send a formal letter to the customer letting them know what you plan to do. A letter of claim advises that you intend to sue them unless they settle their account by a specified date.

For debts worth more than 1.000 €, you may instead issue a statutory demand for payment. If the customer does not dispute the debt but still does not pay, you will be able to ask the court to wind up their business (or make an individual customer bankrupt). This statement of intent to make your non-paying customer insolvent can have a powerful effect – if the customer can afford to pay you.

Simply issuing a letter or statutory demand may be enough to prompt payment. If not, you will need to be prepared to go to court to recover the money you are owed by submitting a law suit. However, before even submit a law suit, we take advantage of preliminary measures against the debtor such as order of seizure of bank accounts and real estate.

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We have the ability to recover debts not only in Greece, but all over the E.U. via a network of our partners.

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Pay attention to the fact that we work on a no win no fee basis.

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