DEBT COLLECTION IN BANGLADESH

Recovery of outstanding payment is a known task for many B2B companies worldwide. Even though the payment culture is well-established in Asia, businesses still struggle with debt management. In Bangladesh, the situation has not improved over the years.

From the legal point of view debt collection and recovery seems like a challenge. In practice, many creditors face the problem of a simple ignorance from the debtors when it comes to the payment of invoices. The sphere of debt collection and recovery is regulated by the existing law of the lands. It provides the possibility for commercial companies to use civil remedies to recover the amount. In addition, one of the main requirements for recovery is the existence of the cheque as evidence of payment. With the help of the cheque, it would be possible to file for a criminal suit since there would be proof of dishonor of the cheque in accordance with the Negotiable Instruments Act.

Of course, legal remedies to recover the payments have always been efficient. Nevertheless, as current trends show, more and more B2B companies tend to use an alternative way of debt collection which is to hire a debt collection agency. The main task of the majority of B2B businesses is to generate income, and while focusing on the main task, debt collection agencies are able to perform the task of debt collection in the best possible way.

For an alternative debt recovery with the help of an agency it is extremely important to know and speak local languages. Our offices and partners are able to communicate with the debtors in any language convenient to them. Sometimes it could be hard to reach the debtors in different divisions of Bangladesh, however, with the help of our established connections, we are able to reach debtors to negotiate.

We handle each case strategically in CIS DRS. Firstly, we examine the debtor's overall financial and solvency status, conduct additional research before we move on to the next stage of the process. After a preliminary check of all necessary information, the letter of 1st demand is sent to the debtor, which allows us to follow up with the phone conversation to ensure that the debtors are aware of the issue. Our lawyers are up-to-date with the local business culture and legal requirements, which makes it more efficient for us to negotiate the best deal with the debtors. In case of the absence of an intention for an amicable settlement, we recommend judicial recovery of the payment.

Our teams of experts in CIS DRS understand the importance of debt recovery. That is why our mission is to recover the funds and help out clients to obtain late payments in the fastest way. As we monitor current changes in the field in many regions of Asia, including Bangladesh, we see that the majority of B2B companies are more likely to choose a debt collection agency rather than recover the payment with the help of legal remedies. With the help of our knowledge of legal requirements for debt collection in all 8 divisions in Bangladesh as well as business practices, we are able to provide you with the fast and efficient service.

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