Debt Collection in Ireland
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Transcript of Debt Collection in Ireland
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Debt Collection in Ireland
A presentation brought to you by LawyersIreland.eu
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Economic Difficulties in Ireland
• Foreign investors or simple citizens in Ireland may find themselves in financial difficulties.
• In this case, the procedure to follow in order to recover the money is called debt collection.
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Debt Collection Procedures in Ireland
• There are two ways of recovering a debt in Ireland:
the amicable procedure;
the legal procedure.
• Our solicitors in Ireland can provide you with more information about both debt recovery proceedings.
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Amicable Debt Recovery in Ireland >>
• The process of debt collection begins in Ireland just like in many other countries with an amicable procedure.
• When trying to recover a debt in this country, it is recommended to ask for the help of a law firm in Ireland or a debt collection agency.
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>> Amicable Debt Recovery in Ireland
• Amicable debt collection starts with sending notifications regarding the due amount, the time limit for paying the debts and the consequences of the non-payment.
• Different terms may be stipulated in the contract signed between the parties.
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Legal Debt Collection Procedure in Ireland >>
• If the amicable procedure doesn’t have any effect, the legal debt collection proceeding may be initiated.
• Usually the creditors are hiring an Irish law firm or a debt collection agency with experience in these types of cases.
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>> Legal Debt Collection Procedure in Ireland
• Legal debt recovery begins once the creditor files a claim with an Irish court.
• The court where the petition is filed is elected according to the value of the due amount:
the district court for values up to 6.350 EUR;
the circuit court for amounts below 38.000 EUR;
the High Court when the value of the amount is over 38.000 EUR.
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Commercial Debt Collection in Ireland
• The late payment in commercial transactions is regulated by an EU Directive.
• According to it, a penalty interest rate with the value of the European Central Bank’s main refinancing rate plus 7 percent from the due amount must be deposited if payments for commercial transactions are not made within 30 days.
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Legal Assistance in Debt Collection in Ireland
• Our attorneys in Ireland have an extensive experience in a large variety of litigation situations, including debt recovery.
• If you need consultation for any legal matters, please address our Irish law firm.
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Thank you for your attention!
For more information, please contact us at:
(+44) 203-287 0408 (for international clients)
www.lawyersireland.eu
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