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eLFi debt collection & recovery

Debt collection
Dealing with unpaid accounts receivables can cause difficulties for businesses, resulting in a decrease of cash flow and time consuming activities especially if the debtor is situated in a foreign country. In order to assist businesses that are operating in Turkey, eLFi International has established itself there with a staff of professionals that can assist in retrieving accounts receivables in a quick and reliable fashion. Debt collection in Turkey does not exist for a very long time and is a quite unknown business for Turkey. eLFi has more than fifteen years of experience on debt collection in Turkey. In Turkey there are no special regulations arranging the legal stature of debt collection; a special permission or license is not required.

Collection Procedure
As global trade is growing, the growth also reflects to legal problems regarding the debt collection. The issue in the hand should be solved in accordance to commercial culture, norms and laws of the host country. Initiating recovery of debt can result in economic loss but also deduction on the credit rate. In this case, it can be possible to recover the debt by either settling with the debtor or using every possible method to litigation. Besides that, at the meetings with the debtor, it is required to find the best solution for alternative ways of debt collection. Preparation of a report on the risk analysis on the debtor through broad and financial databases can be useful for following the debt collection. For this reason, it is important to work with specialized lawyers and consultants on the legislation where the debtor is located.
Procedures

Amicable Settlement:
The procedure of debt collection is consisting of mainly two stages. At the first step, locating and making investigation about debtor and subsequently settle an agreement in an informal way. Following this settlement, our experts conclude a contract for making the agreement in a formal form. If the address of the debtor is not present, the address of debtor can be identified by our solicitors after a thorough investigation. In some cases, it can be necessary to start a legal procedure to ensure that the debtor abide by his agreement, if the proposal of the debtor is unacceptable for the creditor the collection procedure continues.

Debt Collection in cases of Insolvency
If the debtor has declared for insolvency, the amicable settlement may not be possible to achieve. However, this does not mean that your demanded debt is utterly lost. With our expertise, we can provide you assistance for minimising your loss and take relevant steps at the right time. By this way, you can ensure that all precative measures have been taken. Time is relatively important at this stage to take necessary measures in promptly manner. As soon as ELFI receives your request, we start to work closely on your case immediately and notify you in the shortest period. The scope of our
* Recall of goods delivered which the payment has not been made yet for, in that case the clause on reserved rights of ownership must be included in your terms of delivery.
* Arranging possible insolvency petitions and attachments thereto with regards to Insolvency procedures.
* Valuing and storage of the attached goods – depending on thereto of the attached goods, you might prefer to sell them privately by your extensive sales apparatus.
* Taking care of all facts of the auctioning of goods, machines and/or real estate.