Myanmar 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 Myanmar
Location of office in Myanmar
Yangon. All debt collection letters are sent by the local head office.
Number of staff
8 staff. 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 in Myanmar
Since 1st April 2016
What type of debts do you recover? Do you do commercial (B2B) and consumer (B2C) debts?
We handle both Business to Business debt recovery cases and Business to Consumer debt collections cases. There is different content for business to business debt collection letter templates and business to consumer debt collection letters templates.
Statute of limitation in Myanmar
How EU (European Union) laws effect debt collection in Myanmar?
EU law does not apply in Myanmar, so it should not affect debt collection in the country –
How many company registries in Myanmar for businesses? (i.e. UK just has 1 central registry):
Only one, the Directorate of Investment and Company Administration
General comments regarding process in Myanmar for debt collection and how differs from UK / other European countries:
What is the debt collection process in Myanmar?
Debt collection takes place in two stages:
(i) amicable collection initiated by a debt recovery letter.
(ii) collection with the help of the police and/or the courts.
In amicable collection, the collection agency’s lawyers send a demand letter to the debtor. The collection agency then endeavours, in phone calls and personal visits, to persuade the debtor to pay, sometimes agreeing on payment in instalments.
If amicable collection is unsuccessful, the creditor has to decide whether to pursue the case with police and/or court assistance.
The police can be involved if the debtor committed a crime (e.g., fraud, criminal breach of trust, forgery). Police involvement incentivises the debtor to settle as the creditor can agree to drop the case if payment is made. It should be noted that a representative of the creditor’s company has to travel to Myanmar to file the criminal complaint (assisted by the debt collection agency) as this cannot be done by proxy.
Irrespective of police involvement, the creditor may decide to sue the debtor for payment in court.
Average length of time to collect?
Amicable collection: approx. 1 month; collection with police assistance: approx. 1 month; collection with court assistance (i.e., law suit): at least 2 years
Can late payment fees / interest be added to claims?
In practice only if this is explicitly provided for in the contract. In the absence of a clear contractual provision, late payment interest (in practice 9% p.a.) only accrues from the date of acceptance of a law suit by a court of law.
Details on legal service / legal process in
Debt collection usually starts with a demand letter from the debt collection agency’s lawyers. If the creditor decides to pursue the case with the help of the police (and the debt collection agency is successful in getting the police to accept the case), the police would usually invite the suspect (i.e., the debtor) for questioning. In a law suit, the plaint and a writ of summons are served on the defendant by the court’s bailiffs.
Myanmar 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 Myanmar 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.
Myanmar Tracing Agents
Creditreform’s debt collection company service also uses expert local Myanmar 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 Myanmar 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.