Currently, in market economy activities in Vietnam, individuals and businesses often use the word such as bad debt to refer to overdue debts and have difficulty in recovering principal and interest in sale contracts, installation, construction, supply of goods and services. It can be called roughly as bad debts.
There are many ways when you can’t handle personal debts, corporate debts such as: authorizing recovery for another individual, authorizing a professional debt collection company…
Delegating bad debt collection to an individual has the disadvantages: you have to really trust that person; Was the person’s ability to work effective? Reality proves that, when you authorize an individual to recover debt effectively, it is not highly effective for many reasons such as: stubborn object does not pay, legal status is not guaranteed…
Businesses that still apply the commonly used business method face many difficulties
- The handling officer is not professional
- Does not have skills to complete the profile to benefit the business
- No experience in communicating and dealing with debtors
- Not enough legal knowledge
When you authorize the law firm to recover debt, you only need to provide all information and papers related to the debt:
- In case of personal debt: Identification card; Debt paper; Incident reports; Lawyer invitation letter
- In case of corporate debt: Business registration certificate and all debt documents if any such as: Contract, invoice, delivery note, debt confirmation, acceptance record, handover record …
Above is how to recover bad debt. In case you need to provide legal services related to: debt collection, domestic debt collection, international debt collection, bad debt collection, international debt collection, international debt settlement, bad debt collection, how to resolve disputes on debt handling, bad debt disputes … or needing to find a lawyer to advise on bad debt recovery, a lawyer to advise on debt collection of foreign companies, a lawyer to recover debts in HCM … You can contact Lac Duy & Associates
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