China Debt Collection – No Win No Fee
Creditreform operates a global specialist International debt collections service. We have local offices and fully approved expert international debt collection agency partners in every country worldwide. All our International debt collection agency partners and offices operate on a No Win No Fee basis charging an agreed commission against monies recovered only.
Herewith details of our debt collection service China:
Commercial debt collection in China has always been problematic. Since China joined WTO and fully opened up the marketplace, more and more attention is being given to accounts receivable. Experienced in the subtle requirements of the growing need for China debt collection services, Creditreform China has developed a proprietary collection strategy to assist its client companies to remedy collection issues within China.
Creditreform China has… – Long experience in the management of China debt collection matters. – Extensive knowledge of Chinese law and civil procedure, and as well in international commercial laws. – Sensitivity towards Chinese culture and practice. – An effective attorneys network in China. – Multilingual capability. – Services most cities in China. – Maintains a team of experts in all areas of credit management.
Effectiveness and Economic Efficiency is the focus of Creditreform China’s debt collection China services. Placement of Accounts: Claims can be placed by email, fax or mail. Processing of Claims: Upon receipt, each claim is carefully reviewed to determine if additional information is required or if there are specific instructions. The claim is then introduced into our collection system. Within 48 hours, following acceptance of the claim, an acknowledgment will be sent to the client.
Conducting a due diligence on the debtor:
Primary Background Check: Initially the debtor’s background is reviewed in order to determine legal composition and current operational status. Advanced investigation: If necessary or specifically indicated, an advanced investigation is performed in order to establish the debtor’s financial capability and determine if the debtor is judgment proof.
Establishes the debtor’s willingness and capacity to repay the just debt. Collection efforts continue until the case is settled. During the collection process, regular reports on case development are sent to the client.
If a lawsuit is appropriate to effect collection, attorneys of Creditreform China network will recommend a lawsuit. This will proceed only with express prior approval of the client. In China, a lawsuit is often effective. Debtor’s fear of court action by a local party is often sufficient to encourage a resolution.
Civil Process in China:
Upon authorization and receipt of POA and Affidavit from the client, Creditreform China will draft a Statement of Claim based upon the relevant information at hand, submit it to the appropriate Chinese Court for the acceptance and filling. Once the court has accepted the case, a summons will be issued and the debtor served. This process will normally take a business week. Afterwards, Creditreform China will monitor the case to assure that debtor meets filing requirements for the Statement of Defense. Courts normally schedule a first hearing within one month of the filing of a lawsuit. Chinese courts often recommend a negotiated private settlement between parties as a first course. This decision resides solely between the two parties. If both parties fail to take advantage of a negotiated settlement, the case will go forward to judgment. If the legal mediation during the first hearing is successful, the court will issue its decision.
Once a court judgment is received, Creditreform China will move to enforce judgment. Value to the debtor may consist of monies owed, seizure of bank accounts, property seizure or transfer of rights.
If recovery is in Chinese currency, Creditreform China attorneys will obtain appropriate approvals from the Chinese State Administration of Foreign Exchange (SAFE), to repatriate funds to the foreign client.
If the client value has been recovered, or the case has been determined uncollectible, Creditreform China will close the case. A formal closing letter will be sent to the client within a week following closure.
China Business Credit Reports
Creditreform provides over 88 million international business credit reports throughout Europe and 200 million international business credit reports worldwide. We provide freshly investigated China Credit Reports which can be done prior to trading to make sure the company you will be dealing with can meet the commitment or once the debt becomes overdue to ensure the debtor can meet the amount owed.
There are many unique requirements to recovering international debts in all countries including China debt collection services which differ from the UK and therefore it is very important that cases are handled directly by our expert international debt collection agencies and not from debt collectors UK. This method of international debt collection sets Creditreform aside from the competition who in many cases try and recover debts from a UK debt collector only. Using the local offices and partners enables us to achieve a far greater success rate and our No Win No Fee service together with competitive commission rates against monies recovered only ensures you get the best service.