Recovering payments for agricultural exports to Thailand can be a complex process, especially when faced with challenges such as non-payment or delayed payment. In this article, we will explore the three-phase recovery system for company funds involved in agricultural exports to Thailand. From the initial recovery process to legal action and attorney involvement, we will discuss the recommendations and costs associated with the recovery system.
Key Takeaways
- The recovery system for company funds involves a three-phase process: Initial Recovery, Legal Action, and Recommendations and Costs.
- Phase One includes sending letters to debtors, skip-tracing, and attempting to resolve the matter through various communication channels.
- Phase Two involves forwarding the case to affiliated attorneys, drafting demand letters, and further attempts to contact the debtor.
- Recommendations at Phase Three may include closure of the case if recovery is not likely, or proceeding with litigation with associated costs.
- The upfront legal costs for litigation range from $600.00 to $700.00, and the collection rates vary based on the age and amount of the accounts.
Recovery System for Company Funds
Phase One: Initial Recovery Process
Upon initiating the recovery process, immediate action is taken to assert the company’s claim. Within the first 24 hours, a series of escalating communications begin:
- A demand letter is dispatched to the debtor.
- Comprehensive skip-tracing and investigation are conducted to secure optimal financial and contact data.
- Persistent contact efforts are made through calls, emails, and texts.
Daily attempts to engage with the debtor continue for 30 to 60 days, aiming for a swift resolution. Should these efforts not yield results, the transition to Phase Two is seamless, involving attorney intervention.
The initial phase is critical, setting the tone for the recovery endeavor and demonstrating the company’s resolve to recoup its funds.
Phase Two: Legal Action and Attorney Involvement
Upon escalating to legal action, the case is handed to a local attorney within our network. Immediate drafting of demand letters on law firm letterhead signals the seriousness of the pursuit. Concurrently, the attorney’s team initiates phone calls to the debtor, reinforcing the demand for payment.
Costs are a crucial consideration at this juncture. Should you opt for litigation, upfront legal fees are required. These typically range from $600 to $700, depending on the debtor’s jurisdiction. These fees cover court costs, filing fees, and other related expenses.
The decision to litigate is pivotal. If successful, it can lead to the recovery of all monies owed, including legal costs. However, if litigation does not result in collection, the case is closed with no further obligation to our firm or affiliated attorney.
Our fee structure is transparent and competitive, with rates varying based on the age and amount of the claim, as well as the number of claims submitted. Here’s a quick overview:
- For 1-9 claims, rates range from 30% to 50% of the amount collected.
- For 10 or more claims, rates decrease slightly, reflecting our commitment to volume recovery.
The decision to proceed with legal action or to continue with standard collection activities rests with you. We provide the guidance; you control the course of action.
Phase Three: Recommendations and Costs
Upon evaluating the debtor’s assets and the facts of the case, our firm will present one of two paths. If recovery seems unlikely, we advise case closure, incurring no fees. Conversely, should litigation appear viable, a decision point arises. Opting out means no charges; continuing allows for standard collection efforts.
Choosing litigation necessitates upfront legal costs, typically $600-$700, covering court and filing fees. Post-payment, our attorney initiates the lawsuit for full debt recovery. Failure to collect results in case closure with no further obligations.
Our fee structure is competitive, with rates varying by claim volume and age. The percentage of the amount collected is contingent on these factors.
Here’s a quick overview of our rates:
-
For 1-9 claims:
- Under 1 year: 30%
- Over 1 year: 40%
- Under $1000: 50%
- With attorney: 50%
-
For 10+ claims:
- Under 1 year: 27%
- Over 1 year: 35%
- Under $1000: 40%
- With attorney: 50%
It’s essential to weigh the potential recovery against the costs and likelihood of success. Our team is dedicated to providing transparent and strategic advice to maximize your financial recovery.
Recovery System for Company Funds
What is the Recovery System for Company Funds?
The Recovery System for Company Funds is a three-phase process designed to recover company funds from debtors. It involves initial recovery processes, legal action, and recommendations for further steps and costs.
What happens in Phase One of the Recovery System?
Phase One involves sending letters to the debtor, skip-tracing and investigating debtors, attempting to contact debtors, and making daily attempts to resolve the account. If all attempts fail, the case moves to Phase Two.
What is involved in Phase Two of the Recovery System?
Phase Two includes forwarding the case to an affiliated attorney, drafting letters demanding payment, and attempting to contact the debtor via telephone. If all attempts fail, a letter explaining the issues and recommendations for the next step is sent.
What are the recommendations in Phase Three?
In Phase Three, two recommendations may be made. If recovery is not likely, closure of the case will be recommended with no owed fees. If litigation is recommended, the client has the option to proceed or withdraw the claim. Legal costs will be required if proceeding with legal action.
What are the upfront legal costs for legal action in Phase Three?
The upfront legal costs for legal action include court costs, filing fees, etc., ranging from $600.00 to $700.00 depending on the debtor’s jurisdiction.
What are the collection rates for DCI?
DCI provides competitive collection rates tailored to the number of claims submitted within the first week of placing the first account. The rates vary based on the age and amount of the account, as well as whether it is placed with an attorney.
