Now is the time for companies to actively seek out opportunities to trade overseas secure in the knowledge they have the right Trade Credit Insurance to protect them, delivered by a knowledgeable and respected local expert; one who is part of a prestigious, experienced and highly regarded membership organization.
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Trade Credit Insurance protects companies against losses caused by non payment of enforceable domestic or foreign accounts receivable obligations. But what do you do when your professional in-house credit control department hits a brick wall when trying to collect an overseas debt? In this scenario the most common three choices are to initiate legal proceedings, write the debt off, or appoint a third party commercial collections’ specialist. If the debtor is based overseas, some businesses will still write the debt off before consulting with an overseas collections’ specialist.
Some of these written-off debts could have been collected.
What’s more it’s not always the best policy to take formal legal proceedings and incur significant costs before appointing a collections’ specialist; one with the resources and experience to collect the unpaid debt without the need for legal action.
Professional help is at hand with The ICBA.
We are proud to be part of the ICBA family; Glocal approach-Global reach and local service-; sharing expertise around the world makes us also strong locally
We know just how difficult it is to collect a debt in a country where you have neither the physical presence nor the hands’ on experience of their credit control protocol. We also appreciate the working capital impact on overseas debt and the protracted legal procedures in some countries which can prolong this further.
The ICBA is your best Partner in these scenarios.
In short, your debt will be collected by an ICBA Partner; a recovery specialist based in the country your debt was incurred. They know the cultural and business approach to take and the prevailing legislative framework. They’re on home turf too which is much more effective than attempting to collect a debt from afar.
Please contact us today to find out more.
Our client was from the Electronic Industry with an average turnover of $10M. They required credit limits for buyers from China. Huge credit limits were being requested from OEM/ODM manufac…
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