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Home page > Litigation practice > Collection of debts

Collecting accounts receivables from the customer - we know a lot about this!

Counterparty has ceased to fulfill its obligations and does not return the money? The customer does not make contact with you in order to settle the payment issue amicably? We are ready to give you our professional support. Law & Wise - your reliable partner in the process of collecting accounts receivables!

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COLLECTING “TURNKEY” ACCOUNTS RECEIVABLES - SERVICE ACCESSIBLE TO EVERYONE!

Law & Wise Law Office specialists provide a comprehensive service aimed at collecting problem receivables in favor of your company. For this, we will:

Audit the current situation, primary documentation free of charge and draw up a portrait of your problem counterparty by analyzing its business activities, court cases, enforcement proceedings, financial condition and corporate procedures at the time of collection of receivables. This will allow Law & Wise lawyers to develop effective tactics for collecting receivables and prevent possible risks and actions that entail financial costs.
Handle pre-trial dispute resolution. Law & Wise experts will conduct a legal review of the debt, prepare the necessary documentation, and negotiate with the debtor. At the end of the stage, lawyers will send a written complaint indicating the client’s claims for the return of receivables.
Represent your company in court. If it is not possible to resolve the dispute by signing a settlement agreement between the parties to the conflict, our law office experts will help to recover the receivables through the court. To do this, we will receive a writ of execution after the ruling to recover debt from the counterparty.
Control the execution of the judicial act. Obtaining a writ of execution is only the first step to collecting accounts receivable. Constant monitoring of the execution of the judicial authorities ruling is necessary to ensure a positive outcome of the proceedings - debt repayment.

Check the debtor's solvency

QUESTION-ANSWER

What ways to prevent receivables are stipulated in the Russian legislature?

As part of the analysis of the legislative instruments in Russia, the following ways of ensuring performance of obligations can be singled out: penalty, deposit, insurance, suretyship, retention, a letter of credit, an independent (bank) guarantee. The optimal strategy for preventing accounts receivables must be chosen in accordance with the terms of the contract. However, it is worth remembering that the listed interim measures do not guarantee a 100% recovery of the receivables.

How long does it take to recover a debt through court?

As a rule, each case is individual and must be analyzed from several sides: the availability of the necessary documents and their correctness, the debtor’s solvency, the court in which the dispute will be considered, etc. It takes an average of 3 months (in case of simplified procedure) to 11 months (in case the defendant appeals against the court decision) from the moment a claim is sent to the court until the moment the money is received on the bank settlement account. If the debtor does not have funds in the current account, the process of receiving the debt may take up to 2-3 years (in case of bankruptcy of the debtor).

Do I have the right to charge interest if it is not specified in the contract?

It is possible to apply art. 395 of the Civil Code of the Russian Federation, which provides for liability for failure to fulfill a monetary obligation if a different amount of interest is not established by law or by contract. The same article of the Civil Code of the Russian Federation also stipulates the procedure for calculating interest for obligation default.

Is it possible to go straight to court with a claim for the collection of accounts receivable?

The APC of the Russian Federation provides that civil disputes on the recovery of funds may be referred to the court’s resolution after taking measures for pretrial settlement after 30 days from the date of the claim, unless law or contract establishes other periods of time and procedures.

In this case, if the pre-trial settlement of the dispute is not observed, the filed claim will be returned in accordance with Art. 129 APC RF.

What is the way to sell receivables?

Most often, firms sell goods and services, but no one forbids them to sell their debts (receivables). There are several ways to execute this operation: factoring, when an organization / bank acquires debtor’s money requirements and collects debt on their own; the contract of receivables assignment (cession), in other words, the lender and the buyer of the debt sign an agreement on the assignment of debt.

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