COFACE EMIRATES SERVICES B2B COLLECTIONS 1. “DEBT COLLECTION PROSPERS ON THE BACK OF ECONOMIC...
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Transcript of COFACE EMIRATES SERVICES B2B COLLECTIONS 1. “DEBT COLLECTION PROSPERS ON THE BACK OF ECONOMIC...
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COFACE EMIRATES SERVICESB2B COLLECTIONS
1
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“DEBT COLLECTION PROSPERS ON THE BACK OF ECONOMIC
TURMOIL”
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Number of Debt Collections Cases in UAE
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Origination of the Cases Received
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Most Affected Industries
IT:Small operations Easy to close or openTend to close operations and leave the country
Construction:The market activity has slowed (no new projects)No fundsUnable to collect money from their customers
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Debtor Response
Do you know who I am!
Ma Fe Masari! (There is no
Money)
My clients are not paying me, so how
can I pay you!
Will Pay Next Week,
Inshallah!
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Strategy
Dont’s:Threaten the debtorAssume that if it is a large company that they will pay Jump into legal action
Do’s:Understand the current financial situationTry to reach an agreement that will satisfy both parties
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Advised Agreement
Payment planPrearranged payment plan set up over a specified period
SettlementPrearranged discounted amount
Return the goodsSome or all of the good are returned to the creditor
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Issues
No Credit Bureau- No centralized Information
No clear bankruptcy law
Owners leaving the country
Severe punishment for bounced checks
Limited action on government entities
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Experience
60-years accounts receivable experience
Direct presence in 67 countries
400 Million USD collected annually
A worldwide network of +/- 1000 lawyers and bailiffs
Experience of handling more than 250,000 B2B files annually
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Geographic Location
Country laws and regulations are respected
Debtor is contacted in his/her language
Coface will respect cultural diversity
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Coface Commitments
First action within 24 hours of receiving the file
Provide a pre-legal diagnosis at the end of the amicable procedure
Online access in order to monitor the debt collection process
No recovery no fee, commission is based on amount recovered
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Thank you
Q & A
13