Beginner’s Guide to Choosing Your Best Debt Recovery Lawyers in Singapore
Late payments, bad debts, and clients skipping out on paying can occur in any business or trade. Non-payment can also happen in alimony or child support cases or where a friendly loan to a friend goes sour. Recovering delinquent debts can be tedious, time-consuming, and even costly. Thus, it’s better handled by professionals such as the best debt recovery lawyers in Singapore.
Debt recovery is big business, especially in post-pandemic times, as the economy slows down. Getting your money back can be frustrating, but it’s best to do things the proper way from the very beginning. Singapore has strict laws that prohibit unethical debt recovery activities, making it sensible only to engage licensed agencies.
In our guide, we explain what exactly debt recovery lawyers do. We also take a look at the need for and importance of engaging such qualified attorneys. They’ll handle everything professionally and legally, ensuring the best outcomes for all parties concerned. We also provide a top 10 list of the very best firms specialising in this field of law.
What Are Debt Recovery Lawyers?
As its name implies, debt recovery lawyers are attorneys who specialise in reclaiming funds payable to their clients. They handle the legal side of this process, including procedural paperwork and enforcement of orders. Usually, the process will begin with an informal chat and a background search on the debtor. Debt recovery attorneys will generally advise avoiding litigation unless the sum is substantial or the debtor refuses to negotiate.
Law firms that specialise in debt recovery provide the following services:
- Negotiate for early settlement
- Draft settlement or credit contracts
- Issue Letters of Demand
- File for litigation or alternate dispute resolutions (ADR)
- Apply for bankruptcy proceedings or winding up applications
- Enforce orders or judgements
In Singapore, there are no specific statutes that deal with debt recovery. However, there are procedures when it comes to litigation. The Small Claims Tribunal Act allows the Small Claims Tribunal to adjudicate on general debts less than SGD20,000. Creditors can do the filing online, and judgements have the validity of a court order.
Where the sum is substantial, or the debtor refuses to pay, the best option is to begin civil proceedings. Judgements can include a Garnishee Order or a Writ of Seizure and Sale. These empower a Bailiff, who is an Officer of the Court, to carry out the judgement. It can include selling the debtor’s properties and other legal procedures to recollect the debt.
Why Do You Need Debt Recovery Lawyers?
Debt recovery can be an acrimonious, long-drawn-out process without the proper legal support in place. It can take on a negative vibe, sometimes costing a company or individual their good reputation. Further, Singapore has strict laws on debt collection, and the new Debt Collection Bill 2022 reinforces this. By engaging professional debt recovery attorneys, there’s no fear of getting a bad name or falling afoul of the law.
They know how to handle the process professionally without crossing lines while advocating decisively on your behalf. Especially where debtors dispute the demands, you’ll need solid legal counsel on the validity of your claims. As experienced negotiators, debt recovery lawyers will get that letter of demand out straightaway or escalate the matter into litigation. It’s a judgement call best left in the hands of skilled professionals who are familiar with the process.
Where negotiations fail and the matter ends up in court, there are strict rules to follow for litigation. This includes knowing which court to start the proceedings in and filing claims on time. An early strategy and solid game plan are necessary to get the most cost-effective solution to your dilemma.
The debt recovery process is unique to each case, and attorneys can help figure out the most viable options. Engaging the right legal team from the very beginning is hence essential to ensure the most efficient use of resources. Whether it’s an out-of-court settlement or a litigious case, you’ll want the best debt recovery lawyers in Singapore.
Where Should I Find the Best Debt Recovery Lawyers in Singapore?
Proper debt recovery is a lot more complex than it appears on the surface. Simply hiring a debt collection agency won’t do and may end up costing more than the debt itself. There are legal rules as well as ethical and moral codes of conduct that dictate the recovery process. Law firms offer the safest and best route to recoup delinquent or bad debts.
Engaging attorneys who are tough negotiators familiar with practical strategies that work is ideally what you’re aiming for. Where a civil wrong occurs, you’ll need the best debt recovery lawyers in Singapore.
To round off our guide, we’ve put together a Top 10 list of names. These lawyers will get the job done impeccably, professionally, and as hassle-free as possible. All these names meet a stringent criterion that includes skill, expertise, knowledge, and a faultless track record. They work with both debtors and creditors to provide feasible solutions that offer the best resolutions.