Call 855-930-4343 Today!

Handling Delinquent Accounts in Thai Pharmaceutical Imports

Handling delinquent accounts in Thai pharmaceutical imports can be a challenging task, requiring a structured approach to recover company funds efficiently. In this article, we will explore a three-phase recovery system designed to address delinquent accounts and ensure the successful retrieval of funds for pharmaceutical imports in Thailand.

Key Takeaways

  • Implementing a structured recovery system is essential for handling delinquent accounts effectively.
  • Phase One involves initial contact with debtors and skip tracing to gather financial information.
  • Phase Two escalates the recovery process by involving affiliated attorneys and legal action if necessary.
  • Phase Three offers two options for resolution – closure of the case if recovery is unlikely or proceeding with litigation at the client’s discretion.
  • Understanding the costs and rates associated with recovery services is crucial for making informed decisions on pursuing delinquent accounts.

Recovery System for Company Funds

Phase One

The initiation of the recovery system is a critical step in reclaiming delinquent accounts in Thai pharmaceutical imports. Within 24 hours of account placement, a multi-faceted approach is deployed:

  • A series of four letters is dispatched to the debtor via mail.
  • Comprehensive skip-tracing and investigation are conducted to secure optimal financial and contact data.
  • Persistent contact attempts are made by our collectors through various channels, including phone, email, and fax.

This aggressive yet professional pursuit is maintained for the first 30 to 60 days, ensuring every avenue is explored to resolve the account. Should these efforts not yield results, the process seamlessly transitions to Phase Two, involving legal escalation.

The goal is clear: to engage the debtor swiftly and firmly, setting the stage for a successful recovery or a strategic shift to the next phase.

Phase Two

Upon escalation to Phase Two, the case is transferred to a local attorney within our network. This marks a critical shift in the recovery process, as the attorney’s involvement adds legal weight to the demand for payment. The attorney will:

  • Draft and send a series of demand letters to the debtor on law firm letterhead.
  • Initiate contact attempts via telephone, supplementing the written demands.

In this phase, persistence is key. The attorney’s consistent efforts serve to underscore the seriousness of the situation to the debtor.

If these intensified efforts do not yield results, a detailed report will be prepared for the client. This report outlines the challenges encountered and provides a clear recommendation for the subsequent course of action. The decision to proceed to litigation or to continue with standard collection activities rests with the client, ensuring they maintain control over the recovery process.

Phase Three

Upon reaching Phase Three, the path forward becomes clear. Our firm presents two distinct recommendations based on the debtor’s financial landscape and the likelihood of fund recovery.

Option One: In cases where recovery seems improbable, we advise case closure. This decision incurs no fees, ensuring you are not further financially burdened.

Option Two: Should litigation appear viable, you face a critical choice. Opting out means no additional costs, with the possibility to continue standard collection efforts. Choosing to litigate requires covering upfront legal expenses, detailed as follows:

Expense Type Estimated Cost
Court Costs $600 – $700

Upon initiating legal action, we pursue all owed monies, including litigation costs. Failure to collect through legal means results in case closure without further charges.

Our fee structure is competitive, with rates varying by claim volume and age:

  • For 1-9 claims, accounts under a year old are charged at 30%, while those over a year are at 40%.
  • Smaller accounts under $1000 incur a 50% fee, as do accounts requiring attorney involvement.

For larger volumes of 10 or more claims, the rates adjust accordingly, offering a slight reduction to incentivize bulk processing.

In every scenario, our commitment is to provide transparent and strategic guidance, ensuring your company’s financial interests are prioritized.

Frequently Asked Questions

What is the Recovery System for Company Funds?

The Recovery System for Company Funds consists of three phases: Phase One, Phase Two, and Phase Three. Each phase involves specific actions to recover company funds from delinquent accounts.

What happens in Phase One of the Recovery System?

In Phase One, the company sends letters to the debtor, conducts skip-tracing and investigations, and attempts to contact the debtor to resolve the matter. If all attempts fail, the case moves to Phase Two.

What occurs in Phase Two of the Recovery System?

In Phase Two, the case is forwarded to an affiliated attorney who sends letters demanding payment and attempts to contact the debtor. If no resolution is reached, the next steps are recommended.

What is the recommendation in Phase Three of the Recovery System?

In Phase Three, the recommendation may be closure of the case if recovery is unlikely or proceeding with litigation. The company has the option to withdraw the claim or pay legal costs for litigation.

What are the rates for the recovery services?

The rates for the recovery services depend on the number of claims submitted and the age and amount of the accounts. Rates range from 27% to 50% of the amount collected.

What are the options if legal action is recommended in Phase Three?

If legal action is recommended in Phase Three, the company can choose to proceed with litigation by paying upfront legal costs or withdraw the claim. If litigation fails, there is no obligation to pay the firm or attorney.


More Posts

Recovering Payments for Agricultural Exports to Thailand

Recovering payments for agricultural exports can be a complex and multi-phased process, especially when dealing with international markets like Thailand. This article provides an in-depth look at the recovery system, legal actions, financial considerations, and final recommendations for companies facing difficulties in receiving payments for their agricultural exports to Thailand.

Handling Unpaid Invoices in Textile Trade with Thailand

Navigating the complexities of unpaid invoices in the textile trade with Thailand can be challenging. A structured approach is essential to recover debts effectively. This article outlines a three-phase recovery system designed to handle unpaid invoices, detailing immediate actions, legal interventions, and considerations for litigation. Understanding the intricacies of this

Strategies for Collecting Overdue Payments from Thai Electronics Importers

Collecting overdue payments from Thai electronics importers can be a complex process, requiring an understanding of the local legal framework, strategic communication, and sometimes litigation. This article outlines effective strategies for debt recovery, including initial steps to take, evaluating litigation viability, understanding financial considerations, and employing advanced collection techniques. Key

Tackling Non-Payment in USA-Thailand Machinery Trade

The machinery trade between the USA and Thailand is a significant aspect of the bilateral economic relationship between the two countries. However, non-payment issues can arise, posing challenges for exporters and importers alike. Understanding the trade landscape, implementing preventive measures, and effectively navigating the collection process are crucial for mitigating