CIS DRS
DEBT COLLECTION IN LIBERIA
Unfortunately, in our modern world (and especially considering the modern pandemic situation) there are a lot of cases when in B2B commercial relations it is pretty hard to return your money. Hence, this problem is hard to be resolved, but not impossible. A debt collection agency is key in such situations when you need to provide recovery of your money
Debt collection management overview in Liberia
The collection of payments is an essential part of many businesses worldwide. In Africa, for many companies, debt collection has also become an essential part of the operation. We in CIS DRS monitor any changes in legislation and business practices in the field of debt collection and recovery in Africa.
As statistics show, the payment culture in Liberia has not shown much improvement over the last decade. Many companies struggle with returning late payments, which causes many financial problems. In general, in accordance with established practice and legal requirements, there are 2 ways on how to solve this problem.
The first option is to turn to the Debt Court in Liberia for assistance. This court has an exclusive jurisdiction in civil actions to obtain the payments of debts of a particular amount. The second option is to use the services of a debt collection agency. As the tendency shows many B2B companies in Liberia prefer to choose the 2nd option.
As statistics show, the payment culture in Liberia has not shown much improvement over the last decade. Many companies struggle with returning late payments, which causes many financial problems. In general, in accordance with established practice and legal requirements, there are 2 ways on how to solve this problem.
The first option is to turn to the Debt Court in Liberia for assistance. This court has an exclusive jurisdiction in civil actions to obtain the payments of debts of a particular amount. The second option is to use the services of a debt collection agency. As the tendency shows many B2B companies in Liberia prefer to choose the 2nd option.
How does CIS DRS provide debt collection services in Liberia?
The process of debt collection itself has several peculiarities. Depending on the country there could be some specifics regarding codes of conduct, legal requirements, and business practices. Our research teams in CIS DRS are always up-to-date with any changes in the field.
Liberia is a state, which is divided into 15 counties. Our long-established partnerships worldwide allow us to provide our services in each of the counties of Liberia. Generally, our strategy for debt collection has the following steps:
Liberia is a state, which is divided into 15 counties. Our long-established partnerships worldwide allow us to provide our services in each of the counties of Liberia. Generally, our strategy for debt collection has the following steps:
- We examine the financial status of the company of a debtor and find additional contacts.
- We analyze gathered information, and come up with a possible set of actions.
- The letter of 1st demand is sent to notify the debtor of an issue.
- Our lawyers are conducting negotiations with the debtors to achieve the best result.
- In case of a refusal of amicable settlement of the case we provide our clients with the next possible steps.
The advantages of a debt collection agency for B2B companies
Dealing with debt recovery could be seen as a complicated process. Nevertheless, there are still some advantages of the service.
Firstly, it is more efficient. As a rule, a lot of commercial companies have a lot of daily tasks to perform and it is quite easy to lose track of such things as returning the money from partners for services or goods provided. That is why outsourcing a debt collection agency is the best solution in this case since it will allow businesses to concentrate on other tasks. Secondly, it is more time-saving than the court proceeding. We believe that it is faster to reach and negotiate the deal with the debtor rather than wait for governmental bodies like courts to react to the case.
Firstly, it is more efficient. As a rule, a lot of commercial companies have a lot of daily tasks to perform and it is quite easy to lose track of such things as returning the money from partners for services or goods provided. That is why outsourcing a debt collection agency is the best solution in this case since it will allow businesses to concentrate on other tasks. Secondly, it is more time-saving than the court proceeding. We believe that it is faster to reach and negotiate the deal with the debtor rather than wait for governmental bodies like courts to react to the case.
What can CIS DRS do for your business in Liberia?
Our experts in CIS DRS understand the urgency and the importance of debt collection and recovery. That is why our main goal is to provide you with an excellent service, recover the payments for you and keep the reputation undamaged.
AT A GLANCE
Serving Clients in LIBERIA for more than two decades
- analysis of trade documents in default
- credit check of the debtor's company
- strategy for peaceful settlement
- drafting official demand letters
- phone negotiations with debtor
- personal negotiations with debtor
- drafting restructuring plan
- control of installment payment
- portfolio analysis
- control of payment terms
- timely reminders
- soft communication with clients
- advisory regarding billing cycles
- reminders via emails
- receivables control
- legal review of trade documents
- translation of the documents
- drafting a Power of Attorney
- making a strategy of litigation
- drafting and filing law-suit
- application for assets seizure
- participation in court hearings
- obtaining judgment for client
- legal review of arbitration clause
- translation of necessary documents
- drafting a Power of Attorney
- making a strategy for arbitration
- drafting and filing law-suit with IAC
- application for assets seizure
- participation in arbitration hearings
- obtaining arbitral award for client
- analysis of judgment or arbitral award
- making a strategy of enforcement
- drafting application for enforcement to local court
- participation in court's hearings
- obtaining writ of enforcement
- filing the writ to Bailiff's Service
- control of execution work
- filing creditors claims
- representing clients in creditors committee meetings
- bankruptcy process monitoring
- liquidators communication
- regular reporting to client
- assets recovery
DEBT COLLECTION SERVICES IN LIBERIA
No Recovery-No Fee.
CLAIM PROCESSING
- Verifying Debtor's Address
- Checking Debtors' Status in Database
- Brief Report to Client
- Case Strategy Design
- Confirmation Receipt
- Claims Automation System
- Case Processing Starts Immediately
NEW CLAIM
Our lawyers do their best to collect your credits
COLLECTION EFFORTS
1
2
3
3.1
- Get Proposal
- Forward for Client's Approval
- Collect Payment to Client
- CLOSE the File
Whether Debtor Responds Positively (if yes)
3.2
- Send In-house Demand Notice
- Whether Disputes (if yes)
- Get Proposal from Debtor
- Forward for Client's Approval
- Collect Payment to Client (if approved)
- Suggest Court Case If Worth (if no)
- CLOSE
Whether Responds Negatively (if no)
3.3
- Convince for Amicable Settlement
- Get Proposal
- Forward for Client's Approval
- Collect Payment to Client (if approved)
- CLOSE
Whether Disputes (if no)
4
You always receive reports regarding our efforts in time
- Current Status of Each Case
- Collection Efforts Our Lawyers Have Already Done
- What Should Be Done Further
- Expected Outcome Or Suggestion
REPORTING
NEED TO COLLECT YOUR DEBT?
WE CAN HELP YOU!
WE CAN HELP YOU!
Just fill in the form and we will revert to you ASAP