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Debt collection from counterparties
Debt collection from counterparties
If we are talking about collecting debts from counterparties, then in this case we are talking about the relationship between economic entities: legal entities and / or individual entrepreneurs.
In the course of business relationships between business entities, from time to time, due to various kinds of circumstances, situations occur when one counterparty does not fulfill contractual obligations to another, for example, not to pay for the delivered goods, or vice versa, after receiving the goods, refuses to pay for it. From this moment on, the enterprise, whose rights have been violated, is faced with the concept of collecting debts from counterparties.
Possible stages of debt collection from counterparties
Debt collection from counterparties can be roughly divided into three stages:
Pre-trial collection or negotiated settlement. It is based on a negotiation procedure closely related to claims activity, the essence of which is the exchange of claims and letters of demand between the parties. If the outcome is favorable, such a procedure ends with mutual consensus, or, on the contrary, moves to the next stage, namely, to the stage of judicial enforcement.
Judicial collection of debts from counterparties.
The second stage of debt collection from counterparties, which consists in filing a claim for debt collection in a competent court. The judicial collection of debts from counterparties is a more costly stage than the previous one, since it requires the plaintiff creditor at least to pay the court fee, not to mention the cost of legal assistance. This stage ends with the issuance of a court decision either in favor of the creditor, or in favor of the debtor. In most cases, the outcome of the case depends on quality legal assistance.
After the judicial collection of debts from counterparties. The third , the final stage of debt collection from counterparties, which consists in the implementation of the court decision obtained following the results of the successful completion of the second stage – judicial collection. This stage consists in obtaining a writ of execution – a court order / writ of execution with its further transfer to the state executive service or a private contractor for enforced debt collection.
What influences the effectiveness of debt collection from counterparties?
In order to get the maximum result when collecting debt from counterparties, it is necessary to prepare for such a procedure from the very beginning, namely from the beginning of interaction with the counterparty.
Before concluding a contract, especially before the delivery of goods or payment of an advance, it is necessary to carefully check the counterparty’s enterprise, its ability to fulfill the contract, in particular to deliver goods / perform work or provide services.
And only after carrying out the above actions, conclude an agreement in which to describe in detail all the essential conditions, and only after that carry out the delivery of the goods or payment of the advance payment.
The effectiveness of debt collection from counterparties depends on the documentary registration of the relationship between counterparties, as well as the professionalism of a lawyer / attorney who is engaged in such practice.Svyatoslav Ugrin
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