Lawyer

[aaw]

Hi ,

Can anybody recommend a good litigation lawyer to recommend?
This is for recovery of bad debts for Company.

tks,
aaw

[TieGe]

depend on the bad debts situation, most cases you do not need a lawyer.

There are professional firms out there servcing MNCs and even our GLC to recover bad debts. PM me your mobile I will pass to you.

The firm will first check if the debtor got money or not. If no money what is there to sue?

Tie Ge

[woonty]

Ya, need to spend time & money to sue then discover heavily in-debts & no money/assets to liquidate for recovering & yet have to pay the lawyer fee (no matter what)

[Ms Tan]

Hi aaw,

You can consider: http://www.eldanlaw.com/lawyer3.html

Edwin Lee is my X-neighbour. Besides being a great lawyer, he is a great person to work him, very positive and honest. He has the same strength that Dennis has - able to explain very complex terms in a very simple manner (with few words). He or his partners will be able to help to provide advice. Take care!

[aaw]

Hi Ms Tan,

Thank you for the information. Actually I'm in a dilenma, my current lawyer charge one day ligitation cost at 17K. Not sure how much more it will cost if case is not closed within one session.

Total outstanding debt is about 40k. Not sure if the client is able to pay even if we win the case. If dont't do anything, it will definitely become a bad debt.

I am thinking of Tie Ge idea, that is, engaging a debt collector but not sure how effective.

Tie Ge - can you email the details to aawcah@yahoo.com.sg

thank you,
aaw

[danielcheng]

I had written off a $150k debt 2yrs back by a business partner when they took our client's P.O & factored with the bank for their business operations. When we completed our delivery of goods & services for them to the end customer, they filed for liquidation & can't pay us back. After spending some time to negotiate for resolution w/o progress, I engaged a lawyer & sent them a letter of demand initially.

Later I decided to write it off after my lawyer advice not to use good money to chase after bad money. The other company is a Pte Ltd and had many other debt issues with the banks, employees, suppliers etc... By the time the banks & govt agencies get back their money if any, there wouldn't be much left.

It really depends on individual situation to excise any legal means to get back your money but end of the day, evaluate and be prepared to take a minimize further cost or cut lost approach so you can move on to focus on more productive activities in your business.

[woonty]

Hi Ms Tan,

Thank you for the information. Actually I'm in a dilenma, my current lawyer charge one day ligitation cost at 17K. Not sure how much more it will cost if case is not closed within one session.

Total outstanding debt is about 40k. Not sure if the client is able to pay even if we win the case. If dont't do anything, it will definitely become a bad debt.

I am thinking of Tie Ge idea, that is, engaging a debt collector but not sure how effective.

Tie Ge - can you email the details to aawcah@yahoo.com.sg

thank you,
aaw

Hi aaw

Defineitely a cheap initial alternative because they only charge a percentage of debt recovered (most legal ones) but NOT much use because they will just turn up at their premises to persuade "gentlemanly" & usually get ignored. No harm trying.

Illegal one more effective but you will get into trouble with the law (not worth for $40K) if they report to the police

2 days with your friendly lawyer will cost you another $34K+ at least & even if you win & your debtor has no money to pay, you will still end up with another bad "debt" = $40K + $34K = close to $80K !!!

Try the legal debt collectors first


woonty

[Ms Tan]

Agreed! One should not engage legal service unless there's high confidence of winning the case or no other alternatives.

I have no experience in recovering bad debts, but I think another avenue to explore is via Small Claims Tribunal, you can lodge a claim without having to engage legel rep:

http://app2.subcourts.gov.sg/sct/index.aspx/
http://app.subcourts.gov.sg/Data/Files/ ... sAtSCT.pdf

However, the claim limit is at $10K (can raise to $20K with consent), you can use this approach only if you have various debtors for your $40K outstanding debts.

Take care!

[TieGe]

Hi Ms Tan,

Thank you for the information. Actually I'm in a dilenma, my current lawyer charge one day ligitation cost at 17K. Not sure how much more it will cost if case is not closed within one session.

Total outstanding debt is about 40k. Not sure if the client is able to pay even if we win the case. If dont't do anything, it will definitely become a bad debt.

I am thinking of Tie Ge idea, that is, engaging a debt collector but not sure how effective.

Tie Ge - can you email the details to aawcah@yahoo.com.sg

thank you,
aaw

already PM u the name of the company

[aaw]

Hi Tiege,
Thank you for your information. I was on compassionate leave and hv not access to internet.

To the other contributor on the topic, I sincerely appreciated your inputs.

Best regards,
aaw