British Virgin Islands 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.
Main reasons why a local country debt recovery agency is so important rather than trying to recover from the UK are as follows:
The local International Debt collection Partners know:
- The local cultures
- The languages
- The laws
- Are in the same time zones
Herewith details of our debt collection service British Virgin Islands
– Location of office in British Virgin Islands
Road Town, Tortola.
– Number of staff
We have about 25 fee earners, plus about the same again in support staff.
– How long been operating in British Virgin Islands
Since 2005
– Statute of limitation in British Virgin Islands
General statute of limitations for contract is 6 years.
– How EU (European Union) laws effect debt collection in British Virgin Islands?
EU laws do not affect debt collection.
I would also add that there is no equivalent of the Enterprise Act 2003. The jurisdictions are creditor friendly, with no administration regimes and creditor remedies are available.
– How many company registries in British Virgin Islands for businesses? (i.e. UK just has 1 central registry)
1 company registry
General comments regarding process in British Virgin Islands for debt collection and how differs from UK / other European countries:
– What is the debt collection process in British Virgin Islands?
If debts are not disputed then you can proceed with a statutory demand and insolvency remedy. UK judgments can be domesticated and enforced locally.
– Can late payment fees / interest be added to claims?
Late payment and interest fees can be included if there is a contractual entitlement. Service is typically on the registered agent (we can arrange this).
Basically if you are coming offshore it is essential to carry out entity checks (to confirm that you have the right jurisdiction and if the entity is in good standing). There is no public record of shareholders or directors, and no accounts are filed. Discovery relief is sometimes available, but the key thing is to contact us in each instance to discuss remedies and whether the matter is likely to be worth pursuing.
There are many unique requirements to recovering international debts in all countries including British Virgin Islands debt collection services which differ from the UK debt collection agency services 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.
