STAGES OF INTERNATIONAL DEBT RECOVERY
After accepting the case, the documents are sent to our attorney in the country where the debtor is located, where the latter starts the pre-trial collection process in accordance with the legal norms of local legislation. At this stage, the successful results of the settlement of the debt issue are: – direct payment of the debt; debt restructuring followed by monitoring the implementation of the payment schedule; assignment of debt to a third party with subsequent payment; mutual exchange of services or goods; organization of future deliveries, providing for overpayment of them against debt and other types of security typical for the country of the debtor.
In the event that the pre-trial collection turns out to be ineffective, the process goes into the stage of judicial collection, which is carried out, as a rule, in accordance with local procedural norms. In practice, there are cases when the court procedure must be carried out either in the court of the creditor’s country, or in a certain international arbitration. But such cases are possible only when such jurisdiction was determined by the parties to the dispute in the contract they concluded.
The resolution of an international dispute in the national court of the creditor or in the international arbitration of a third country is a longer and more complicated process of debt collection, since in the country of the debtor, in any case, there is a need to organize additional litigation in regards to the legalization of a foreign court decision.
After receiving the decision of the court of the country of the debtor or after the legalization of the foreign decision of the court, the process of overseas debt collection goes into the stage of compulsory execution of the court decision, at which the assets and accounts of the debtor are seized, with their subsequent implementation to pay off the debt.
If the debtor’s assets are not enough to pay off the debt, or such assets disappeared as a result of planned actions by the managers or owners of legal entities, then the collection process can be continued by declaring the debtor bankrupt or initiating criminal prosecution of the guilty persons.
The legal knowledge of Grandliga’s specialists, as well as experience in providing services for the collection of international debts, significantly contribute to the impact on the debtor than your independent actions. With us, the chance for a successful solution to the debt issue is much more promising.
