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covid colltection Q@A

【2020-07-04】

  COVID   COLLECTIONS  question @answer

. Do you expect delays in debt collections because of COVID-19?

Depending on the countries, regions, and industries of your debtors, there might be delays in collecting the debts. The delays may have different reasons:

·       It is harder to reach the debtors due to lockdowns.

·       The debtors are unable to pay now because their businesses are shut down.

·       There are legal or political restrictions in your debtors' regions.

·       二. Does COVID-19 negatively impact debt collections in general?

Depending on the countries, regions, and industries of your debtors, there might be a negative impact on debt collections. We cannot make a general statement about the impact. There are different factors accounting for the chances of collections, such as the countries, regions, and industries of your debtors.

. Do you accept a payment plan with more settlements?

Our goal is always to maximise the collected amount. If we conclude that we can achieve this best via a payment plan, we will choose this course of action. This is considered on a case per case basis.

四.What happens if you cannot collect amicably but the courts are closed?

Our collections strategy will need to adjust to reality. It may result in extending the amicable phase and getting, if possible, additional guarantees. We will start taking legal action for collections when it is possible again. This also means that, in many cases, we will need to wait.

五. . Could I still use your legal collections service?

This depends on the status of the courts in the country where your case would be tried, and on whether the prescription terms and contractual jurisdiction clauses are still in force.

If the courts are closed or have limited capacity, this will cause delays in initiating legal proceedings and a future backlog in the enforcement phase.

Besides, please be aware that bailiffs in many locations are not allowed to make onsite visits to debtors now. This is why, especially at this time, our amicable approach is important.

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