Last updated on December 28th, 2019 at 12:42 pm
We at Khairallah Advocates & Legal Consultants advise all Companies to adopt a more pro-active strategy to deal with the scourge of late and non-paying clients.
The continuing problems put Company at risk of insolvency due to nonpaying clients.
Most common excuses for late payments: challenging goods and/ or services, the signatory is not available, non-payments from an actual client, financial crunch etc.
There is no doubt that all businesses need to become more pragmatic when it comes to the problem of late or non-paying clients.
A right must be settled whenever its legal maturity conditions are satisfied. If the debtor is in default, the right shall be compulsory enforced, either in kind or through payment of an indemnity, in conformity with the law provisions.
The implementation shall be willful if it is done by settlement or its equivalent. It shall be forced if settled in kind or through compensation.
Where the commercial obligation is a sum of money which was known when the obligation arose and the debtor delays payment thereof, he shall be bound to pay to the creditors as compensation for the delay.
With recent legal developments, it is now possible to prepare a legally acceptable document containing proven and specified liabilities, and dated method of payment. If the debtor fails to honor its payment obligation, we can directly execute the matter through courts to recover the amount by seeking attachment orders.
We specialize in debt collection, default payment issues, debt recovery cases and can provide complete legal assistance.
Contact us to know more.