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Company Formation Labuan



Debt Collection in Labuan

Updated on Wednesday 18th July 2018

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Debt-Collection-in-Labuan.jpgAmong the business issues an entrepreneur deals with is recovering their money from debtors. The debt collection procedure in Labuan intervenes when companies or clients no longer pay and respect the financial terms for the services provided. One should ask for complete support offered by our team of company formation specialists in Labuan if he/she is interested in the ways in which he/she can recover the money. There are varied methods linked to the debt collection in Labuan, but it is best to talk to our advisors for complete information.

What is the amicable procedure for debt collection in Labuan?

The amicable procedure in recovering debts in Labuan is a recommended method instead of dealing with the courts of law in this jurisdiction. The pre-legal debt collection, as it is known, involves a series of stages through which the money can be recovered:
a payment notice and a letter of demand showing the amount of money to be paid can be offered to the debtor;
an installment contract with new terms can be issued for the borrowers;
the debt collection agency involved in the process will establish a communication between the companies/individuals and the debtors;
the new payment date, as stipulated by a contract in this direction can be reminded by our agents;
if a payment is in made in several stages, the agents will supervise if the terms are respected.
You can get in touch with our company formation representatives in Labuan if you are interested in debt recovery or if you want to set up a Labuan trust company.

Debt collection in the court of law in Labuan

Even if it is time-consuming, debt collection can be issued in the court of law, if the amicable procedure provided no positive results. The procedure starts at the High Court when a claim is made in this sense, with evidence like bills, contracts, agreements, etc. It is good to know that the debtor is not obliged to be present in the court of law, leading to new hearings for both parties involved. We mention that recovering the money with the help of justice and the courts of law might prolong for several years, a reason why the amicable procedures need to be considered and properly implemented. We also remind that our consultants can help you register an offshore in Labuan.

What types of debts are met in Labuan?

Loan payments, utility bills, bank credits or rental payments are among the debts for which the payment date is not respected and considered, leading to several problems. If your company needs debt collection services, you might direct your attention to our team of advisors in Labuan.
We invite you to contact our company incorporation agents in Labuan for complete support and information about debt collection.


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