Debt collection Georgia
Georgian economy is still mostly import based, export volumes of Georgia are small and concentrated only in several minor segments.
Turkey is the largest trade partner of Georgia, followed by Russia, China and Azerbaijan.
Georgia is the country of ancient and original culture. Though old traditions are very respected, western culture and business practice is also known and accepted.
National language is Georgian from Caucasian languages group. The number of the population which speaks Russian has decreased after armed conflict between Russia and Georgia in 2008; now only older people and businessmen speak Russian, though many people still understand it. At the same time, English continue to gain momentum and now the most young people in Georgia speak English.
The main challenges to collect debt in Georgia are:
- Difference of culture and mentality from the European countries.
- Personal local contacts are necessary to get successful debt recovery.
How to collect debt in Georgia?
Amicable collection is the most effective and cost-saving way to recover debt in Georgia. It is advised to refer case to collection when the debt is delinquent over 5 months. The less delinquency is the more chances to collect debt are.
Amicable collection is applicable almost in any case apart from case of debtor’s bankruptcy or liquidation.
Amicable collection is still possible even after statute of limitations (3 years) expired, though chances to collect in such case would be very small.
What we do to recover a debt in Georgia?
- study case details
- find core reason of failing to pay
- find debtor’s decision makers and financial controllers
- arrange negotiations with the debtor
- consult in finances to enable debtor to pay
- consult in local legislation and business threats to convince debtor to pay
- negotiations with the both parties about payment schedule
- control flow of the debtor’s promises and payments
How long it takes in Georgia?
Average time to recover debt in Georgia is 68 days.
What the fees are?
The success fee makes 15% commission from any money recovered.
No collection – no fee policy applies.
- we have debt recovery experience in Georgian
- we know Georgian culture and mentality
- we speak in Georgian languages
- we know local Georgian laws, finances and customs
- we charge no fees, unless debt is recovered
- we provide operative reporting
How to send case?
- Send your unpaid invoices and supporting documents for our review.
- Sign our debt collection contract and POA received from the manager.