B2B debt collection in Luxembourg has a number of features like in any other European country. First of all, this country differs from others in a strictly regulated procedure for carrying out actions to collect debts. In addition, a law practice allows particularly evasive debtors to resort to legal action to delay the payment.
However, Luxembourg is one of the main financial and credit centers in Europe. In addition, there is a large number of headquarters of the largest European corporations in the country. These factors make debt portfolio management in Luxembourg beneficial for law companies with expertise and solid experience.
Services that CIS DRS provides in regard to the debt collection
Our agency provides a full range of debt collection services in Luxembourg. We are experts in debt portfolio management and are able to handle a large portfolio of cases. Our team of lawyers always conduct negotiations directly with the owners of the debtor's company and always demand the repayment of the whole outstanding amount as soon as possible.
You may also order site-visits to the debtor's premises in each case to check the presence of the company and to obtain additional information that could be helpful in our collection efforts. Also, we have access to the informational resources about legal entities and export-import databases, which gives an additional advantage in negotiations with the debtor's owners.
Why do companies entrust debt portfolio management to CIS DRS?
There are many reasons why creditors do not engage in debt collection on their own, but entrust the debt portfolio to the professional lawyers and teams of CIS DRS specializing in recovery of money worldwide. Of course, knowledge of the local laws and the language of the debtor are the main reasons. However, there are a number of other details that creditors take into account when deciding to entrust the portfolio to our team.
Firstly, because of the knowledge of the features of the economy and political situation of the country in which the debtor is located. Secondly, due to a deep understanding of the cultural and social characteristics of the location of the debtor. Thirdly, due to more than 10 years of experience in daily negotiations, hundreds of arguments and tactics to persuade debtors and an automated system that allows lawyers to be as effective as possible with every action.
Advice on what to do if your debtor is from Luxembourg
First of all, we advise you to study in detail and remember all the details regarding the commercial transaction and trade documents. In addition, it is very important to study the debtor's company: legal status, board of founders, statutory capital, affiliated companies and counterparties of the company. Be sure to consider your tactic and write a list of possible negotiation arguments.
However, our main recommendation on how to convince the debtor to fulfill their obligations is to fill out the feedback form on our website and entrust the debt collection to the CIS DRS team. Our lawyers will analyze the basic information about the debtor, study trade documents and provide you with our proposal for cooperation.
AT A GLANCE
Serving Clients in LUXEMBOURG 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 RECOVERY IN LUXEMBOURG
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!
Just fill in the form and we will revert to you ASAP