Debt collection in Bosnia and Herzegovina
Debt collection in Bosnia and Herzegovina
Poor payment discipline in Bosnia and Herzegovina is a burning problem of a modern society faced by all legal entities, but also individuals. The best prevention is regular checking the credit worthiness of business partners and refusing business with those who have difficulties in paying. If in spite of this there is no payment, you should act as soon as possible and initiate court proceedings for debt collection in Bosnia and Herzegovina before a competent court.
In the out-of-court settlement of monetary and non-monetary claims and debts, it is possible to collect receivables and debts by contracting additional guarantees, warranties, pledges of objects and rights, introducing new ways of fulfilling payment obligations, by change of obligation, by submitting timely objections in a debtor-creditor relation, as well as by giving statements in an appropriate form, which is a notarized form with executive power.
If it does not come to settlement of monetary and non-monetary claims and debts in the out-of-court proceeding, the collection of monetary and non-monetary claims and debts can be achieved by force through a court proceeding before a competent court in Bosnia and Herzegovina.
The means of execution of claims collection
The means of execution in order to achieve monetary claims are: sale of movable property, sale of real estate, transfer of monetary receivables, transfer of receivables for sale of movable or real property, transfer of other rights into money, transfer of funds kept in the bank account, sale of shares and sale of shares in companies.
The means of execution in order to achieve non-monetary claims are: handing over of movable property, evacuation and handing over of real estate, execution of obligation by acting, non-acting or suffering, executing of decisions from family relationships, execution to return an employee to work, execution of the decision on division of objects, entry in public registers and obtaining the declaration of intent.
Evidence of debt collection
In order to achieve their right in a court proceeding in the shortest possible time and with the least cost, it is necessary that the facts on which you base your right can be proved as appropriate evidence before a competent court in Bosnia and Herzegovina.
In commercial disputes the existence of business cooperation between the parties, as well as the existence and amount of monetary and non-monetary claims and debts are usually proved by a private document (executed written contract, offer, declaration of acceptance of the offer, termination, etc.), invoices, shipment documents, final and enforceable judgment, and others.
The contract of debt assumption
The contract of debt assumption represents an agreement between a debtor and transferee for which the creditor has given his consent that the debtor be changed by contract.
Forced collection from the client’s account
Forced collection from the client’s account is carried out in accordance with provisions of articles of the Law on Payment Transactions. The stated legal provisions govern the basics of payment enforcement, the order of execution of basics of payment enforcement, as well as the procedure of implementation of enforced collection before the competent banks in Bosnia and Herzegovina.
Our law office provides advocacy and consultancy services to domestic and foreign companies and natural persons to collect their receivables in Bosnia and Herzegovina. Our main principle is to ensure our client to obtain his receivables in the fastest manner with the lowest cost.
When everything else fails, we take the issue to the court in Bosnia and Herzegovina.
We have been successful in getting debtors, private and commercial, and have helped debtors realize that the sooner they settle and pay, the better.
• Analyzing the solvency of debtors in Bosnia and Herzegovina.
• Pursuing debtors with the aim of reclaiming monies due and owing.
• Contacting debtors.
• Performing execution procedures.
• Advice or suggestions regarding the enforcement proceedings, civil litigation and insolvency proceedings.
• Starting litigation before the competent court in Bosnia-Herzegovina.
In most cases we suggest our clients send a final demand letter professionally written by our law office. In many cases, this letter leads to payment in full or an offer to pay the claim by installments.
We offer initial review of the debtor's bank accounts in Bosnia and Herzegovina and monitoring of its credit and financial status during the whole procedure.
Our collection service includes collection as well as enforcement of domestic and foreign claims in Bosnia and Herzegovina as well as the enforcement of titles of execution and judgments already obtained abroad. Renowned collection agencies cooperate with us and regularly employ our firm for the enforcement of claims in court in Bosnia & Herzegovina.
ABOUT THE AUTHOR: Law office of Prnjavorac
Law Office of Prnjavorac - Bosnia and Herzegovina