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
