COMMERCIAL DEBT RECOVERY

Our firm holds an impressive record of successful commercial debt recovery in Greece. Our highly organized team members are able to cut through the red tape of complex cases in order to quickly collect the debt in question. An effective approach to debt collection helps boost cash flow and reduces the risk of overdue payments becoming a long-term financial problem.  Issuing invoices and regular statements should be a standard part of your credit control routine before a payment even becomes overdue.

 

However, once a payment deadline has been missed, quick action is essential. Before starting more formal debt recovery proceedings, it’s worth assessing the situation.  We first conduct an assessment of any asset of the debtor, whether corporate or individual. We take advantage of immediate legal notice to persuade the debtor to pay at once or make a re-settlement of the debt, following your instructions and the conditions involved. An alternative approach to debt recovery is to prepare to take court action if the first steps fail. The first step is to send a formal letter to the customer letting them know what you plan to do. This letter of claim informs them that you intend to sue 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 terminate their business (or make an individual go bankrupt). This statement of intent to make your non-paying customer insolvent can have a powerful effect if they 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 filing a lawsuit. However, before even filing a lawsuit, we take advantage of preliminary measures against the debtor such as the order of seizure of bank accounts and real estate. We can recover debts not only in Greece but all over the E.U. via our network of partners.

 

You will be encouraged to know that we work on a no-win, no-fee basis