Recovery of Debt

April 17, 2022

A new “Company Formation” or increasing the sales from existing businesses is the ultimate objective of a businessman. Success and increase in revenues, it’s not a miracle so they can be accomplished within a few days or weeks. It is only possible when the business is making good sales and there is a little number of bad debts in the market. Recovery is an essential process. If credit will not be involved in the business, then the business, will not grow. When credit is involved then it also brings a risk which is called Bad Debt. Therefore, it is said that recovery must be considered a top priority while doing business. If a company is habitual of the defaulter, then there is no need to do business with him.

When it comes to recovering the debt from the market then businesses need to establish a first-party debt collection service. First Party debt collection services are managed by the company itself. It has not been proved much successful ever. The third-party debt collection services are by the Law Firm offering debt recovery services. Law Firms in Dubai have dedicated departments and staff to recover the payables by debtors. They help to resolve this matter as soon as possible. They help to resolve the credit issue as soon as possible. This way nothing goes beyond the law, inside the court or becomes difficult. The matter is resolved as soon as possible. This is the role of 3rd party recovery services which is by an Emirati Law Firm. Dubai Law Firms are very well known to offer such services. The reasons are:

  • A proper legal platform
  • A proper legal representation
  • A professional staff including Lawyers, Paralegals and Debt Collectors
  • Enough Resources
  • Expertise

The experts or expert lawyers who are assigned to recover the funds are called Debt Collectors. They have spent several years in the market, therefore, they know very well about the market situation and the routine defaulters. These Debt Collectors are the expert in recoveries due to several reasons as;

  • They know about Law.
  • They have a legal background.
  • They know about the market.
  • They have better communication skills.
  • They have a good commitment level.
  • They are the best in convincing abilities.

They are helping businesses in recovering their debts and also helping businesses not to destroy their business relations. When you file a case against a debtor, then even if he has to pay you, he owes you but the relationship also comes to an end. Therefore, it’s better not to step inside the court and let a Law Firm try as 3rd party recovery agent. Benefits can be:

  • It will take less time.
  • It will recover the debts in the shortest period of time.
  • It will not destroy the relationships.
  • No need to spend on legal activities, court cases etc.
  • No need to start a new chapter of brainstorming and CAOS.
  • Within a month or a few weeks, results will be clear.
  • Relationships are saved for doing business next time.
  • Cheaper Cost. 
  • Just to provide POA and sign the Engagement Letter.
  • No efforts like Courts or Court Cases.