Recovery of Receivables

Recovery of receivables

1. COURT (LEGAL) RECOVERY OF RECEIVABLES:

1.1. Procedures and proceedings:

• Interim proceedings for the purpose of enforcing interim measures (distraint on movables, receivables and the bank accounts of the debtor; distraints on real estate properties belonging to the debtor, other appropriate measures approved by the court of justice) and procurement of freezing order;

• Procedures for the appopriate enforcement of the interim measures by the bailiff on the grounds of the freezing order;

• Legal protection and legal representation in court procedures, initiated on the grounds of a private claim against the ruling of the court concerning the provision established for the claim;

• Legal protection and legal representation during the formation and conduction of claim proceedings before the district-, regional- and appelative courts on the territory of the Republic of Bulgaria in all stages of the claim proceedings, as well as before the Supreme Court of Cassation, and before all arbitration courts;

• Legal protection and legal representation in proceedings related to the issuance and procurement of a writ of execution by the respective competent court;

• Legal protection and legal representation in the course of the initiation and leading executive proceedings as per art. 410 and art. 417 of the Civil Procedure Act and procurement of a writ of executive order and writ of execution;

• In case of the executive order is objected by the debtor within the legal two-week term – legal protection and legal representation of the creditor in the course of the fact-finding claim, supported by the respective written evidence and leading the proceedings through all legal instances;

• Legal protection and legal representation in executive proceedings before the respective bailiff – initiation and leading enforcement proceedings against the debtor; research of the debtor’s property; placing distraint on bank accounts, work remunerations, distraint on share in a commercial company; inventories, evaluations and delivery of movables for the purpose for safekeeping; public sale of movables; distraint on the debtor’s real estate properties; inventory and public sale of real estate properties; and others). Contacts, cooperation and interaction with the most successful bailiffs on the territory of the Republic of Bulgaria.

1.2. Your advantages and gains:

• You can trust our stable legal experience, strong professional skills, reliable resources and specialized know-how;

• The advantages gained through a partial or full outsourcing of the out-of-court recovery of your receivables – we save you the expenses and investment necessary for the creation, maintenance, training and development of a company recovery department (and the infrastructure related thereto), which would have to engage on the out-of-court recovery of your debtors’ late payments;

• We have established professional contacts with the most successful practicing bailiffs in Bulgaria and we constantly provide them with the legal assistance they need. That cooperation ensures the speed and the results in the final phase of recovery of the receivables. The purpose is always to collect the receivables as soon as possible;

• We have created an efficient infrastructure throughout the entire country. This is precisely why we are able to exercise swift and permanent control, thereby achieving the best possible results for you;

• We have established a centralized system for court (legal) recovery of the receivables, with possibility of permanent inspection and control – at any time and any place;

• The court (legal) recovery of receivables remains the most efficient and successful manner of recovery of receivables;

• The lawful court- and out-of-court executive actions and procedures, while not being the fastest instrument, remain the most direct, intensive and effective method against the defaulting debtors.

2. OUT-OF-COURT RECOVERY OF RECEIVABLES:

2.1. Methods and techniques:

• Researching the debtor;

• Collection through phone calls (the main reason being to understand the reasons for the delay of payments, as well as the terms and amounts of the installments the debtor can make in order to repay its debt);

• Collection through short message service (SMS) (the purpose being to remind the clients of their delays in case we failed to reach them by phone, as well as to remind them of imminent installments due by them);

• Collection through sending reminding and notification letters by mail (such letters describe in detail the legal facts from which those legal relations have come to exist; the content of such relations; the obligations of the debtor; the measures to be taken for the purpose of recovery of the receivables);

• Collection through sending notary invitations;

• Collection through sending reminding and notification letters to the debtor’s email;

• Collection through visits to the debtor’s address;

• Collection through various lawful and ethical techniques for negotiations and convincing the debtor to repay their dues;

• Establishing the location and current addresses of the debtors.

2.2. Manners of achieving results:

• Detailed analysis and classification of the debtors;

• Preparation of different strategies for the recovery of the dues depending on the debtors’ profiles;

• Preparation of certain scripts for each debtor category;

• Preparing a plan of action;

• Implementation of the plan of action, reporting results in real time, as well as making modifications to the initial plan, if necessary;

• Establishing strategies, plans, tactics, methods and procedures for the out-of-court recovery of the receivables;

• Constant adaptation of the strategies, plans, tactics, methods and procedures for the efficient achievement of the goals;

• Preparation of a final report, containing detailed information.

2.3. Your benefits and advantages:

• You gain flexibility, in terms of being able to focus on your main line of work, while relying on our highly- qualified team;

• You can count on our strong professional experience, solid skills, reliable resources and specialized know- how;

• We have developed effective methods of managing the processes and communication with any debtors;

• You will improve your liquidity, thereby improving your speed and effectiveness in achieving your goals;

• We apply strategies, tactics, methods, and approaches that aim to preserve your good business relations with your debtors and your partnership with them;

• We treat your debtors politely and diplomatically, always taking their situation into account, and talking to them, we aim to reach together the solutions that are in your best interest, always taking into account what the debtor is able to pay as of the respective moment and in the future. We always apply individual approach for your receivable, emphasizing the personal contact with the debtor;

• The psychological effect of our contact with your debtor positively influences the debtor, since he becomes aware that you are taking practical steps to recover your receivables, and that the next step would be court proceedings;

• The information we collect on your debtors can be used for a more efficient court- and executive legal proceedings against them in the future;

• We assist you in a more efficient management of the financial rusks related to the recovery of your receivables;

• Confidentiality;

• We aim to preserve your reputation with your clients by using ethical methods for the out-of-court recovery of your receivables.

Recovery of receivables

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