Debt collection in Bosnia and Herzegovina and compulsory enforcement - Law office
Our law office provides advocacy and consultancy services to domestic and foreign companies and natural persons to collect their receivables in Bosnia and Herzegovina. Our main principle is to ensure our client to obtain his receivables in the fastest manner with the lowest cost.
When everything else fails, we take the issue to the court in Bosnia and Herzegovina.
We have been successful in getting debtors, private and commercial, and have helped debtors realize that the sooner they settle and pay, the better.
Our strategy:
• Analyzing the solvency of
debtors in Bosnia and Herzegovina.
• Pursuing debtors with the
aim of reclaiming monies due and owing.
• Contacting debtors.
•
Performing execution procedures.
• Advice or suggestions regarding the
enforcement proceedings, civil litigation and insolvency proceedings.
• Starting
litigation before the competent court in Bosnia-Herzegovina.
In most cases we suggest our clients send a final demand letter professionally written by our law office. In many cases, this letter leads to payment in full or an offer to pay the claim by instalments.
We offer initial review of the debtor's bank accounts in Bosnia and Herzegovina and monitoring of its credit and financial status during the whole procedure.
Our collection service includes collection as well as enforcement of domestic and foreign claims in Bosnia and Herzegovina as well as the enforcement of titles of execution and judgments already obtained abroad. Renowned collection agencies cooperate with us and regularly employ our firm for the enforcement of claims in court in Bosnia & Herzegovina.
Frequently asked questions on the topic of debt collection in Bosnia and Herzegovina
How is debt collected in Bosnia and Herzegovina?
Debt collection in Bosnia and Herzegovina can be divided into two stages of the procedure. During out-of-court collection of debt, the collection is made without a court if possible. During the court collection of debt, the procedure is performed before the competent court in Bosnia and Herzegovina. We as a law office can assist you in both phases of the debt collection processs. Most cases are resolved without court intervention amicably, however when the debtor does not want to pay his debt, in that case court proceedings are the only possible solution to the debt collection in Bosnia and Herzegovina.
What does out-of-court collection of debt in Bosnia and Herzegovina mean?
In principle, we always start the process of debt collection out of court. We try to avoid the need for court intervention. We contact your debtor and suggest that he pay the debt peacefully. If the debtor does not pay within the specified period, we will initiate court proceedings to collect the debt according to your instructions. Announcing a lawsuit will often force your client to pay the debt. We act in accordance with the principle of economy and finding the solution that is most economically advantageous for our client.
What does court collection of debt in Bosnia and Herzegovina mean?
If your debtor refuses to pay in out-of-court proceedings, after consultations with you, we are able to initiate court proceedings. We will inform you in advance about the probability of success in the debt collection process. We will always inform you in advance about possible court costs and we will not start the procedure until we obtain your approval.
How long does it take to collect debt in Bosnia and Herzegovina?
Debt collection in Bosnia and Herzegovina can take from 24 hours or up to several months, and in the case of court proceedings, several years, depending on many factors.
Is it possible to agree on debt repayment in the form of an enforcement document in Bosnia and Herzegovina?
Yes, it is possible to agree on the return of the debt in the form of an enforcement document before a notary if there is a consensus. In that case, if the debtor does not pay the debt instalment, court enforcement proceedings can be initiated immediately in order to collect the debt in full. Notaries can also make Commercial Law Contracts that can have the force of an enforcement document, which means that the parties can obtain an enforcement copy of the original and initiate direct court enforcement without prior court proceedings, these are acts that involve monetary sums, exchangeable items or securities.
