Do you have an Icelandic client who doesn't pay invoice for your company?
In Iceland, the trading community and laws are different from those you're used to. Sometimes, this complicates debt collection in Iceland.
Our debt recovery attorneys have the means to make restitution to your creditors. We'll do our best to raise the funds from the moment you turn your debt recovery matter over to us.
We, a debt recovery firm, have knowledge and practice at our fingertips to help you in recovering the corporate debt in Iceland.
1. SUGGESTIONS IF THE ICELANDIC CUSTOMER IS NOT PAYING
1.1 Call the debtor and inquire if your invoice has not yet been charged Include a note promptly In your reminder, provide a clear description of the invoice. Also, in this warning, state a payment period of a certain number of days.
2. UNDERSTANDING OF LOCAL LEGISLATION AND TRADE CUSTOMS
2.1 Our international debt restructuring experts have experience and knowledge of Icelandic laws and regulations. But they are fully aware of Iceland's trading traditions and culture, which makes getting your Icelandic debtor to pay easier.
3. YOU ARE IN ADVANTAGE WITH A DEBT RECOVERY LAWYER
3.1 Debt recovery attorneys have more leverage than a debt recovery service or a bailiff to put pressure on your Icelandic debtor.
4. CUSTOMISED DEBT RESTRUCTURING
4.1 Our business debt recovery strategy is tailored to every single case, and we provide tailored advice to you.
5. STRAIGHTFORWARD GUIDANCE
5.1 We will always offer our honest advice on the likelihood that your debt recovery will be successful. It is vital to us to put your needs first; we are endeavoring to provide you with your choices and guidance on the best route to take. It is clear to see how we are upholding our core values of honesty and justice.
6. THE DEBT COLLECTION PROCESS IN ICELAND
6.1 The debt collection process can be divided up into two phases in Iceland. Selection takes place during the extrajudicial process, without the intervention of the Court. We do include the Court during the legal process in order to make the Icelandic debtor pay.
6.2 Because we are a law firm, we are able to assist you in both processes. Many debt recovery problems in Iceland are settled during the extrajudicial process, with no interference by the Court.
7. EXTRAJUDICIAL DEBT COLLECTION
7.1 In theory we often continue with the extrajudicial step of the debt collection method. We are trying to prevent Court interference at this point, as this can be costly. We'll call your debtor in Island to seek payment.
7.2 We will also engage in a face-to-face chat with your Island debtor in specific cases. If the debtor fails to pay within a specified period of time we will launch legal proceedings on your order. In Iceland, reporting legal proceedings also persuades the customer to pay.
In the case of an uncontested dispute between two parties located in EU Member States (except Denmark)
European order for payment proceedings may be initiated.
In your situation, the prosecutor who manages the case will decide whether this kind of action is acceptable.
The claimant typically filled out a standard form for EU Order for Payment procedures and submits this to the Tribunal.
Instead, the Court issues a Local Transaction Notice. The debtor then has 30 days to decide whether they object to the charge.
If no notice is obtained within the 30-day span, you can require the Court to finalize the payment order (called a "declaration of enforceability"). This decision is true and enforceable and is recognized in any Member State (except Denmark).
The EU Payment Order is never appropriate for contested issues (so not in situations where there is a disagreement over the invoice).
The benefit of this process is flexibility and low cost (some Member States don't even impose a court fee), but the drawback is that if it gets challenged, the case stops, and if the claimant wants to continue, a regular civil action will have to be launched.
Debt Recovery in Iceland. Fast.
Our business debt recovery methodology is customized to every single instance, so that we can provide objective advice to you. We will always give our objective advice on the likelihood of your debt recovery being successful. It is essential to us to place your interests first; we aim at providing you with your possibilities and suggestions on the best path to take. It is clear to see how we are pursuing our fundamental values of integrity and justice.
What To Do When Your Icelandic Customer is Not Paying
- Contact your customer and demand why no payment has been and when exactly it will be. Always request the payment copy sent to you. - Are you not able to solve the problem with your customer? Send them a certified letter requesting immediate payment. - Be conscious that with ambiguous payment terms or arguments, your Irish debtor may try to gain additional time. Persevere, be direct and never postpone. - In the Iceland, a payment period of three to seven days is normal
Our Irish debt collection experts have comprehensive experience and perspective of Irish laws and policies. Therefore they are perfectly aware of Irland trading values and traditions. Which makes it easier for your Irish debtor to quickly make payments.
Debt Collection Law Iceland
Contact Us and Get our comprehensive article about how to collect a debt in Iceland, using the amicable and legal options. This is best debt collection guide on Iceland your will ever find.
Get paid Faster: Debt Recovery Iceland
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Collect A Debt in Iceland Republic using our local Network
We follow your instructions at all times and ensure regular communication with you via collection reports, recommendations regarding debtor payments, payment plans and, where necessary, repossession and Court proceedings.
Debt Collection Process in Iceland
We have prepared for you a comprehensive article about how the debt collection process works in Iceland. See the country report on our Blog:
