Debt Collection in Hungary
Statistics say that shortfalls in payment are one of the most frequent causes of corporate insolvencies and put a company’s cash flow at risk. This is the case regardless of how large or small the company in question is. Debt collection is always problematic, but even more if you are planning debt collection in a foreign country. Before starting the debt recovery process, a number of legal and administrative hurdles need to be clarified. Appropriate and expert legal support is obviously required for the debt collection in Hungary.
“No Recovery – No Fee” Policy
So why waste your time with chasing debts? Leave your debt collection to professionals!
FirmaX administrative and legal team has long year experience in effective debt recovery in Hungary, including cross-border debt recovery for the benefit of foreign clients.
How does it work?
Debt recovery in Hungary always begins with the thorough review of the claim, including the nature of the debt itself. The nature of the claim will determine which legal or administrative strategy will need to be applied for maximum efficiency. Additionally, the financial status of the debtor needs to be inspected as well. Chasing a debtor who actually has no money must be avoided. This would only generate costs for the client, but would actually render no benefit. To determine the financial status of the debtor, FirmaX utilizes all publicly available databases to estimate the liquid and non liquid assets of the debtor. In addition, we work in cooperation with a Budapest based private investigator firm, that can effectively help to estimate the assets of the debtor, be it a private person or any kind of business or private entity.
Upon completion of the above initial “mapping”, the optimal debt recovery strategy is chosen and the application is started. Clients receive updated information about the status of the process, including, upon request, monthly and quarterly summaries of the case.
In case the debt recovery includes more than one claim, an effective debt management strategy will be applied to rank and prioritize the recoverable debt.
Please contact us to learn more on FirmaX “No recovery – No fee” policy.
FirmaX debt collection related services include:
- finding the debtor
- identifying whether the debt is recoverable
- identifying the optimal debt collection method
- coordinating legal support
- pre-litigation debt collection
- litigating claims
- judicial enforcement of claims
- execution of litigated claims
- debt management
- general debt collection in Hungary
Did you know?
Choosing the “No recovery – No fee” policy, clients will only be charged if the claim amount is collected.
Clients say about FirmaX:
“The service from FirmaX was excellent from start to finish. Our debt recovery was difficult, but they managed to get a good outcome. The communication was first class at all times and the fees were top value for money!” – Raul from Valencia