Debt collection and purchasing

Coin Consult Law Office offers collection and purchase of debts both from debtors-natural persons and from debtors-legal entitiesIn this regard we undertake all necessary extrajudicial and judicial activities as prompt and efficient as possible in order to collect the respective debt.

The debtor’s financial and property condition is a very important factor in the successful debt collection. For this reason, before we undertake a specific case, we perform a free study of the debtor’s solvency and property condition, as well as of all documents certifying the debt. Following this check we notify our clients whether we would undertake the respective debt or not and the respective conditions under which we would commit to the engagement.

Depending on the debtor’s solvency, Coin Consult Law Office may undertake all expenses connection with the debt collection, including the payment of state fees, attorney’s fees, etc.

Coin Consult receives its remuneration following the debt collection.

  • Tracking debtor’s assets and finances

Our report includes information on the debtor’s current status, i.e. domicile and registered office; area of business activity; managers, partners, owner(s) and amount of equity; attachments of corporate shares; statutory declaration of insolvency, liquidation; participation of the debtor entity or its owners, respectively, in other companies; affiliates; ownership of real property; registered encumbrances, foreclosures, mortgages; tangible fixed assets incl. machinery, plant and equipment, motor vehicles, materials and finished goods, receivables, payables and liabilities to suppliers, financial institutions, the revenue service, social security, etc.*


* At the client’s request, this service is offered also separately in exchange for payment in cases where we are not tasked with the debt collection.

  • Out-of-court debt collection/recovery

We endeavour to preserve good trade relations with debtors. Before filing a lawsuit, we try to settle out-of-court. Therefore, we take all necessary actions to reach an extrajudicial settlement with the debtor.
  • Court-ordered debt collection

In case of a failure to reach an out-of-court settlement, we file a lawsuit against the debtor and perform all necessary actions to have a charging order issued and put in place. We launch and carry out enforcement proceedings to enforce the claims.

  • Debt purchaising

Depending on the debtor’s solvency, Coin Consult Law Office may offer to purchase the debt.

Debt purchase takes place via a cession agreement. Cession is a contract, by which the creditor of a debt transfers it to a third party against the payment of a certain price. The debtor is not a party to the cession agreement and therefore his/its consent for the debt purchase is not necessary.

The parties under the cession agreement are respectively the cedent and cessionary. The cedent is the creditor that transfers the debt, and the cessionary is the party that purchases the debt or the new creditor. By purchasing the debt the cessionary enters as a creditor into the cedent’s rights as regards his/its relations with the debtor. The cedent is responsible for the existence of the debt during the conclusion of the cession agreement , i.e. that the debt is valid and has not been redeemed and that the cedent is its bearer. However, the cedent is not responsible for the debt collection, respectively for the debtor’s solvency. Following the purchase of the debt, all costs connected with its collection are at the cessionary’s expense.

Any debt is subject to purchase, unless the law, the contract or the debt nature prohibits the transfer. In order for us to make a statement on whether the purchase of a specific debt is of our interest or not, we always perform a study of the debtor’s property condition.

 
 
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