Debt Recovery Laws
Legal Framework
Legal processes can be an unavoidable part of debt collection, and we excel in this field as well. With a full grasp of the legal framework, our staff can navigate court actions, court costs, and even county court judgments to guarantee a smooth debt collection procedure. If legal processes are required to collect unpaid debts, you may rely on us to handle them strictly with Indian legislation, while minimizing any associated charges.
Our services also include several techniques for dealing with late payments, which may assist in reducing financial pressure on your organization and preserve good cash flow. We want to address outstanding debts as quickly as possible since we understand the negative effects they may have on people and companies.
The Legal Framework for Debt Recovery
If an agreeable resolution is not reached in a certain case, the business will intensify the debt recovery procedure. The next step is to issue a demand notice under the applicable Indian legislation. These laws include the
- The Arbitration and Conciliation Act (1996),
- The Insolvency and Bankruptcy Code (2016),
- The Code of Civil Procedure (1908), and
- The Companies Act among others.
This notice is an official declaration that the debtor can be sued, effectively putting them on a deadline to settle before proceedings are brought against them. Accordingly, debtors may often voluntarily settle the dispute after realizing that legal action is a looming possibility.
Navigating Compliance
We at The Legal Now boast about 100% compliance when it comes to debt recovery laws of the land. We are committed to legally and ethically collecting debts that are owed by individuals or businesses.
At The Legal Now, we offer complete debt recovery compliance and legal process solutions to keep you in the green! Our team of specialists offers legal and regulatory assistance, assisting you in dealing with the challenges that debt recovery poses while also ensuring full compliance. We help you in formulating policies, including drafting and documentation practices so as to collect debts with responsibility & ethics.
Final Note
This is a basic run down of the debt collection laws and rules. If either a creditor or debtor is in doubt of their rights and obligations, both are encouraged to seek advice from a lawyer.
Here At The Legal Now, we make it our highest priority to honor and respect all laws applicable in this modern wzlllegalization era. We are committed to providing honest and ethical debt collection services, always treating our customers with the utmost dignity and taking pride in every client we assist.