Bad debt is a modern world reality affecting individuals and
business of all sizes. While there are stringent laws in the UAE that avert the
occurrence of such bad debts, recovery of unpaid debt can be lengthy hurdle.
Where it feels that the debt is not recoverable from your end, hiring a law
firm is the first logical step to initiate the process of debt recovery.
To mitigate the risk of contracting a bad debt, before entering
in a transaction, make sure that you:
1. Establish
Credibility: Checking the debtor’s legitimacy and market reputation goes a long
way. To protect your debt, you must also find out about his prior professional
connections in the industry.
2. Maintain
proper documentation: We have encountered many instances of unpaid debt where
the clients lack the necessary paperwork to support the debt, such as payment
receipts, written contracts, or debt acknowledgments. It is usually advisable
to retain sufficient documentation on hand to protect your rights in any
possible future dispute.
3. Secure your
payments with cheques or other instruments: It is advisable to secure any
future monetary obligation, with cheques or other instruments. You may encash
or enforce such cheques to recover the outstanding debt on maturity date.
Furthermore, it will be safer and faster to take legal action to enforce a
dishonored cheque.
Despite taking above mentioned precautions to reduce bad
debts, we cannot completely rule out the possibility of ending up in one. To
deal with circumstances like these, we are here to help.
As a law firm, our scope of service for debt recovery cases include
representing you in dealing with your debtors, serving legal notices as well as
taking legal course of action, and possibly negotiating an amicable settlement
on your behalf.
We, at Proconsult Advocates and Legal
Consultants are resourceful, experienced, and persistent. We aid in debt
recovery from a legal perspective in the UAE catering to a wide range of
clients, including individuals, local and multinational companies. Our team of highly
qualified legal advisors in UAE adopt various approaches to make
sure your debts are recovered. We analyze each case and decide on the most
effective debt collection procedures to implement based on the facts, terms,
and requirements of each case.
For all your debt recovery concerns, we got you covered. If
you have a debt owed to any individual/company that has turned into a long,
unrecovered, bad debt, write to us at proconsult@uaeahead.com.
For any queries or services regarding
your debt
recovery matters in the UAE, you can contact us at (+971) 4 3298711 or
send us an email on proconsult@uaeahead.com or reach out to us
via our Contact Form Page and our dedicated
legal team will be happy to assist you. Also visit our website https://uaeahead.com
Article
by ProConsult Advocates & Legal Consultants the
Leading Dubai Law Firm providing
full legal services & legal representation in UAE courts
