Cayman 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. All our international offices and partners initiate the collection processes by sending the debtors a debt collection letter to introduce their involvement.
Main reasons why a local country debt recovery agency is so important rather than trying to recover from a debt collection agency UK are as follows:
The local International Debt collection Partners know:
- The local cultures
- The best methods of initiating debt recovery letters and processes
- The languages
- The laws
- Are in the same time zones
Herewith details of our debt collection service Cayman Islands
Location of debt recovery office in Cayman Islands
Camana Bay, Grand Cayman. All debt collection letters are sent by the local head office.
Number of debt collection staff
We have about 25 fee earners, plus about the same again in support staff across the group.
Each staff member is allocated a client and all their debt collection letters are personalised in order to effect the best response results from debtors.
How long been operating a debt recovery service in Cayman Islands
Statute of limitation in Cayman Islands
General statute of limitations for contract is 6 years in each island.
How EU (European Union) laws effect debt collection in Cayman 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 Cayman Islands for businesses? (i.e. UK just has 1 central registry)
1 company registry in each jurisdiction.
General comments regarding process in Cayman Islands for debt collection and how differs from UK / other European countries:
What is the debt collection process in Cayman 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.
Cayman Islands 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 Cayman Islands 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.
Specialist Debt Recovery Experts
There are many unique requirements to recovering international debts in all countries including Cayman 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.