Recovering payments from a bankrupt debtor
Besides helping businesses recover their payments, we often receive cases from liquidators who require our assistance too. When dealing with international customers who have been declared bankrupt, knowledge of local procedures can help creditors recover their payments while there is still a chance to recover anything at all.
This was the case when a Spanish debtor was declared bankrupt. A liquidator hired our experts at the Spanish Desk to collect the pending credits on behalf of a Dutch client.
Initially, the debtor was unresponsive to any payment demands. After our lawyers at the Spanish Desk conducted their own research and used local databases to perform a credit check, it appeared that the debtor had no assets to pay off any debt. The company was on the verge of filing for its own bankruptcy.
Several attempts were made to solve the case amicably, but no response was received. That was when our lawyers decided it was time to take legal action. Once we managed to obtain a positive verdict from the Spanish court, the debtor was requested to pay under court orders.
With a positive verdict, our experts managed to seize the debtor's bank accounts, tax returns and stocks. We were able to collect the entire principal amount including interest and costs, allowing the liquidator to recover the payment on behalf of their Dutch client.
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With knowledge of local laws and debt recovery procedures, our native lawyers can help our clients recover the amount they are entitled to. Whether this concerns a creditor or liquidator acting on behalf of a creditor, we can help.