DEBT COLLECTION IN SINGAPORE

Debt recovery has recently become an essential part of many businesses worldwide, including Singapore. In corporate Asia the problem of recovery of late payments is vital due to several reasons. For some industries it is easier to get help on its own without engaging an outside company or agency to assist. Other players prefer to outsource such a part to a debt collection agency, which can provide more resources and perform a task in a better way. Many B2B companies have a tendency to choose the 2nd option in Singapore.

CIS DRS has developed an approach for debt recovery in the B2B for Singapore and in the Asian region. It should be noted there are particular requirements for the debt collection process from a legal perspective. Our experts always monitor any changes both in business practices and in the legal field. We believe that profound research is one of the keys to a successful debt recovery without damaging the reputation of the company. In our approach, we investigate the problem, provide you with the best possible solution, and perform our task, which is a recovery of late payments.

In general, there are two ways on how to recover the debts - in a court proceeding or in an amicable way. While both ways are equally efficient, most companies prefer to choose the second option. Debt collection agencies are aimed at not just the total recovery of your funds, but also on presenting your company. There is a special regulation of a debt collection process carried out both by a court or by a collection agency in Singapore.

Local legislation and the Insolvency Law regulates the process of collection of late payments in general. Before turning to the court option, companies seek an amicable settlement. The process of debt collection carried out by debt collection agencies is regulated by the Code of Conduct. Our lawyers are aware of all the provisions and regulations. The Code is more of a guideline, however, it is highly recommended to follow it.

The debt collectors while performing their tasks have to follow particular regulations. Our teams in CIS DRS are specialized in every field that is required to follow. Firstly, our investigation department analyzes the solvency status of the debtor as it is the first requirement. After having analyzed the status, we move on to the next stage which is contacting the debtor.

According to the Code of Conduct in Singapore, a debt collector can contact a debtor in person or by other means of communication (emails, phone calls, etc.) The most important requirement is to create a suitable environment for negotiations with debtors. Our lawyer has more than 10 years of experience in the field and expertise in business practices in all regions of the country.

While in Asia B2B companies have a tendency to pay the money owed on time, there are still some companies who are struggling to return the late payments. We understand the urgency and the importance of the situation, that is why we provide our services in the best possible way.