Recovery of Debts in Singapore
The recovery of debts in Singapore for our clients is one of our primary concerns.
When customers owe you money and don’t pay, this is a very serious matter indeed.
In this day and age, it is no longer enough for a Singapore debt recovery law firm to simply collect the money that is due to you. We must also act with responsibility and professionalism to protect your reputation, educate your customers to respect your credit terms, and make your customers aware that protracted default will only ultimate serve to hurt their interests.
As a professional debt recovery law firm, we know the critical impact every successful debt recovery has on the success (and survival) of your organization. When your company carries the burden of debtors with an inability or refusal to pay, your day-to-day operations will undoubtedly suffer.
At Farallon Law, we handle your debt collection and debt recovery issues with the utmost urgency, and with proven methods that preserve your customer relationships while still providing top-notch results.
Our lawyers will deal directly with your debtors, serve them with a letter of demand, vigorously sue them in the Singapore courts, seek admission of your debt, and secure payment.
Finally – we’ll have the collected funds cleared and remitted to you without delay.
Negotiation and Settlement
Although Singapore courts are efficient and reliable, dealing with disputes is a time- consuming and expensive process.
Hence, amicable settlement opportunities should always be considered as a serious alternative to formal legal proceedings.
Before starting legal proceedings against a debtor, we can assist with the relevant litigation and corporate searches to assess the debtors assets. This is important as it allows verification as to whether the company is still active and whether recovery chances are at best. In addition, it is essential to be aware of the debtor’s solvency status: if insolvency proceedings have been initiated, it indeed becomes impossible to enforce a debt.
The legal process usually starts with a Letter of Demand to be sent by Registered Post or Courier, and the letter will inform the debtor about its obligation to pay the principal together with late payment interest.
The debtor may then respond with either full payment or a settlement proposal (reduced sum, instalment payment plans etc) for you to consider.
In practice, the Singapore Courts often prefer that the parties to a dispute engage in alternative dispute resolution mechanisms in order to reduce their caseload.
As a result, a majority of disputes are settled amicably and never reach the trial stage.
At Farallon Law Corporation, our focus is on debt recovery and not debt litigation.
Let us make it easy for you to recover your debts.