Libya 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 Libya
Location of debt recovery office in Libya?
190 Khaled Ben Waled Street, Dahra, Tripoli, Libya.
All debt collection letters are sent by the local head office.
Number of debt collection staff?
In the firm we have a team of over 20 in-house Lawyers and we cooperate with very experienced off-counsel lawyers.
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 have you been operating a debt recovery service in Libya?
Established in 1990 and has been operating continuously since. Our firm has over 35 years of experience in debt collection.
What type of debt collection services do you provide? Do you do commercial debt recovery (B2B) and consumer debt recovery (B2C)?
As a Law firm, we only deal with corporate matters therefore only business to business debt recovery.
Statute of Limitation in Libya?
According to Article 361 of the Libyan Civil Code, general prescription (Statute of Limitation) is fifteen (15) years “…with the exception of those cases for which a special provision is contained in the law.”
Exceptions listed under Libyan Law, to name a few, are as follows:
- For commercial contracts the prescription/limitations’ period is considered ten (10) years. (Article 505 of the Libyan Commercial Code)
- Actions and claims arising out of insurance contracts shall be barred by limitation after the expiration of three (3) years from the date of the occurrence which gave rise to such action. (Article 752(a) of the Libyan Civil Code)
- Labour Law claims are time barred for a period of one (1) year (Article 365 of the Libyan Civil Code)
How EU (European Union) laws effect debt collection in Libya?
EU laws have no effect for contracts that are governed by the Libyan Law.
How many companies registries in Libya for businesses (i.e. UK has just 1 central registry)?
There is only one commercial registry in Libya however due to the current political divide in the country the East and West have separate registries. In other words, A company registered in Tripoli cannot operate in Benghazi without being registered there too.
General comments regarding the process in Libya for debt collection and how differs from UK debt collection and other European countries:
What is the debt collection process in Libya?
There are two types of debt collection service processes:
- Amicable Process: The attempt to reach a peaceful solution through a negotiation between the two parties. Proof of the debt will need to be visible. If amicable solutions didn’t recover your debt then the parties will resort to court proceedings.
Stage 1: drafting and filing notification to the debtor.
Stage 2: if the debtor does not comply to the notification our action will be to take the matter to court.
Average length of time to collect a debt?
Unfortunately, estimating a time for this would be unrealistic since in such matters the duration will depends on certain aspects and the situation of each case.
Can late payment fees / interest to be added to claims?
Transactions and dealing (between individuals/entities and other legal entities) comprising interest shall be void.
By applying the new law provision, any transaction implying Riba/ interest will be void and inapplicable to Libyans.
However, details on the matter could take effect in this being possible but in a form of penalty or compensation. It should be noted that Law no. 1 of 2013 regarding the prohibition of Riba transactions in Libya has been issued on 07/01/2013. According to the provisions of this law, all commercial
Any other relevant points?
There are no debt collection agencies operating in Libya, they are not recognized as that they are not widely spread. However, law firms in Libya act as a “debt collector”.
Libya 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 Libya 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.
Libya Tracing Agents
Creditreform’s debt collection company service also uses expert local Libya tracing agent services to locate any absconded debtor. This debtor tracing service is provided on a No Find No Fee basis only charging for a successful trace.
Specialist Debt Recovery Experts
There are many unique requirements to recovering international debts in all countries including Libya 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.