International Debt Collection & Recovery
Gain access to global collection facilities that can recover bad debts in over 200 countries worldwide.
Coface clients can access a vast overseas partner network suitable for international debt collection and credit insurance coverage. Our clients have the security of knowing that our impressive, global debt collection and recovery facilities are at their disposal and can be used to ensure everything is done to collect all overseas debts.
Four Key Benefits to International Debt Collection with Coface
- Liaise directly with the Australian Debt Collection Team who personally handle your enquiry
- Direct presence in 67 countries by Coface
- Access, Information and Coverage to 200+ Countries
- Asia-Pacific’s Largest Provider
Read an example of how our Debt Collection & Recovery Team handles Enquiries regarding Romania.
DEBT COLLECTION & Recovery In Romania
It is advisable, where possible, to avoid taking legal action locally due not only to the formalism and high cost of legal procedures but also to the slow pace of court proceedings: it takes almost three years to obtain an enforcement order because of a lack of judges with adequate training in market economy practices and proper equipment.
To improve the efficiency and transparency of the Romanian judicial system the Act of 19 July 2005 amended several legislative texts on judicial organisation and magistrates’ status.
Formal notice to pay served on the debtor, accompanied by documents supporting the claim; remind him of his payment obligations, increased by past-due interest.
The Ordinance 13/2011 on 24 August 2011, effective as of 1st September 2011, states that in international legal framework – unless otherwise agreed by the parties and provided that Romanian law applied to the contract and the payment is specified in foreign currency – the annual past due interest rate is set at 6 %.
According to the civil procedure code and since 1st October 2012, with the amendment of the Mediation Act, the parties (individuals or legal entities) are required to prove that they have attended an information meeting on the benefits of mediation to resolve disputes of any kind.
In that regard, it is always wise to give preference to out-of-court-settlement, based on a rescheduling plan for the arrears prepared by the creditor’s legal counsel or established in preference as a notarial deed, which will make it possible to obtain an enforcement order against the debtor more quickly in case of failure to comply with the agreement.
T: +61 (0)2 8235 8646