DEBT MANAGEMENT & RECOVERY
“SWIFT Solicitors Chambers provides you with effective debt recovery service on “No recovery No fee” basis. We only charge commission on amounts successfully recovered”.
SWIFT Solicitors Chambers provide a total, cost effective solution by facilitating all aspects of the legal debt recovery process on our clients’ behalf. This may be provided in conjunction with relevant law enforcement agencies in Nigeria. We have access to expertise, technology, data and analytics to improve debt collection/recovery rates for companies, individuals, statutory bodies and government agencies.
Payment for goods and services don’t always go as agreed. Therefore, a reliable debt collection strategy is important to any company. If customers or clients refuse to pay it can severely affect your finances, so having someone you can call on to arrange business debt recovery quickly and easily is a vital consideration. That’s where we come in. Here at Swift Solicitors, our lawyers are committed to providing a cost-effective and reliable solution to your needs.
We have been involved and still involved in several recovery briefs running into several millions of dollars. Our clients include mostly foreign companies who are owed by their Nigerian partners. Our approach includes efforts to ensure that the relationship between our clients and their debtors is sustained, but we never compromise the essence of our engagement which is the debt recovery.
The basic principle of our debt recovery service is “no recovery no fee”. So, we only charge our clients a percentage of money recovered. The amount of commission we charge varies and will depend largely on some factors regarding the nature of the debt, the debtor and the creditor. These triple factors determine the steps to be taken and the extent of job expected to be done.
We may not adequately capture full details of these factors that will influence our commission until we discuss with you. So, for the cheapest quotation we will need you to supply us with as much information as possible, especially particulars of the transaction and the debtor. Then, we will assess your claim(s) in the circumstance and offer the cheapest quote. Click here to refer a debt to Swift Solicitors.
Debt recovery in Nigeria by any means is a difficult task, but at Swift Solicitors we take pride in putting in the maximum amount of effort into every recovery while ensuring your costs are kept to a minimum. So initially, clients are charged a very negligible sign-on fee which will cover our initial due diligence exercise.
Litigation is always our very last resort in the process of debt recovery. If the process of recovery ever gets to this stage, our team of very experienced litigation lawyers will handle the whole litigation process on your behalf. Our fees are still commission on successful recovery. So, we never charge extra for the litigation process, but all official fees and incidental expenses are covered by the client. However, costs are transparent and advice regarding official fees and out of pocket expenses throughout the litigation process are provided.
Creditors Protection Measures
Credit is part of modern day business anywhere in the world. As a manufacturer or distributor of goods and services sometimes you may have to accept that given credit to your customers is a mutual lifeline to both parties. So, as part of our due diligence service, our very experienced legal team will assist foreign companies given credit to Nigerian companies on how best to secure themselves. Our recommendations will include on how best to reduce risk through the following measures:
- Identify credible customers and thereby fish out companies or persons likely to dishonour payment agreement.
- Identify the Nigerian companies both moveable and immovable properties within Nigeria upon which any judgement debt could be levied on.
- Draft water tight and enforceable agreements within Nigerian jurisdiction.
- Include clauses that will require the defaulting Nigerian company to pay all applicable the legal fees and expenses in the event of payment default
- Identify steps required to successfully initiate criminal proceedings against the Nigeria partners in the event of default. Note that in Nigeria criminal action against a debtor is very effective in speeding up debt payment.
For further enquiries or a free no obligations quote for any of our services, feel very to contact us