On December 12th, 2019, Mr. Nguyen Van Thing on behalf of CNC Vietnam Law Firm Limited Liability Company together with Mr. Duong Thanh Minh (representing DTLaw Limited Liability Law Company) and Mr. Le Trong Them (representing LTT & Lawyers Law Firm) acted as the Speakers in the Conference “Debt Collection Technique” held by Big Trust in Ho Chi Minh City with the purpose of sharing experience, techniques, and other methods pertaining to Management and Collection of Debt with the representatives from other Enterprises.
The Value of the Conference on Debt Collection Techniques
The Conference has given Enterprises an overall perspective on Debt Collection, to be specific:
Debt could potentially put great financial pressure on Enterprises since it involves both the past and the future of the Enterprise: Principal and Interest. Moreover, Debt also poses significant risks due to the possibility of losing the payment capability, which could result in bankruptcy if the debt could not be collected fully and on time. Having a grasp on this matter, Mr. Le Trong Them has introduced many methods for Debt Collection as well as put forward strategies for risk management to Enterprises such as Self-Initiated Debt Collection, Legal Services for Debt Collection, Debt Sale,…
Moreover, the speakers at the Conference also shared their experiences of how they managed to achieve efficiencies in Debt Collection. Mr. Duong Thanh Minh introduced works that need to be done to address the “Debt File”, “Debt Collection Art” and technique for repayment reminder.
Accordingly, the debt collection process begins from the moment “the lending is made”, make sure to have the patience to outlast the “debtor’s persistence” and take the initiative to always remind the debtor of repayment continuously. Debt is inevitable in commercial activities and business, however, through the process, methods, and experience shared by the experts, Enterprises could manage and mitigate the potential risks
Finally, Mr. Nguyen Van Thinh recommended Debt Collection via Legal Means. This could be seen as the most optimal method to put pressure on the debtors, thereby compelling them to make payments after other approaches have failed. This method includes:
- Litigation or Arbitration
- Report to Police Agencies
- File for Bankruptcy
Debt Collection via Legal Means shall make the Debts aware of the severity of belated payments as it not only affects the performance but also the credibility of the Enterprise. According to Mr. Thinh’s experience, depending on the nature of the debt and the “debtor’s persistence”, Enterprise should take appropriate measures to ultimately resolve the debt.
During the discussion, the Speakers received many questions and concerns from the representatives of Enterprises regarding the following issues:
+ Methods for Litigation
+ Methods for Bankruptcy Filing
+ Responsibility of Parent companies toward their Subsidiaries
+ Debtor’s Information Research
Other pictures taken from the Conference
