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How to Instruct Us
We simply require the following details:
Full name & address of the debtor
All available contact details of the debtor i.e. contact name(s) / Tel / Mobile / Email(s)
Amount owed (Invoice(s) or Statement will help)
Or ask us to call you – just leave us your details:
Monaco Debt Collection – No Win No Fee
Creditreform operates a global specialist International debt collections service. We have local offices and fully approved expert international debt collection agency partners in every country worldwide. All our International debt collection agency partners and offices operate on a No Win No Fee basis charging an agreed commission against monies recovered only.
Main reasons why a local country debt recovery agency is so important rather than trying to recover from a debt collection agency UK are as follows:
The local International Debt collection Partners know:
The local cultures
The best methods of initiating debt recovery letters and processes
The languages
The laws
Are in the same time zones
Herewith details of our debt collection service Monaco:
Location of debt recovery office in Monaco?
Monaco debt collection is handled by located partner in Boulevard Albert in central Monaco.
Number of debt collection staff?
60 staff in France. Each staff member is allocated a client and all their debt collection letters are personalised in order to effect the best response result s from debtors.
How long have you been operating a debt recovery service in Monaco?
We have been operating a European debt collection service on a no win no fee basis in Monaco for over 40 years. Monaco is included on our debt collection agency list.
What type of debt collection services do you provide? Do you do commercial debt recovery (B2B) and consumer debt recovery (B2C)?
We handle both Business to Business debt recovery cases and Business to Consumer debt collections cases. There is different content for business to business debt collection letter templates and business to consumer debt collection letters templates.
Statue of Limitation in Monaco?
In general 2 years for B2C files, and 5 years for B2B files but we have a lot of special limitations (for example the limitation for a B2B case for an international transport is only 15 months).
Monaco civil litigation statute of limitations is a law that time limits a plaintiff’s right to bring a claim against a defendant. The statute of limitations in Monaco is 2-5 years. However, if an action has been taken within this time then the statute of limitations time will be extended to account for this. Once the specified time period elapses then no action can be taken through the legal processes unless the plaintiff is able to prove exceptional circumstances. Other Statute of Limitations include:
Monaco Open Account Years – 3 years
Monaco Promissory Notes – 3 years
Monaco Written Contracts – 3 years
Monaco Oral Agreements – 3 years
How EU (European Union) laws effect debt collection in Monaco?
EU laws have full effect in France debt Collection
Relations between Monaco and the European Union (EU) are primarily conducted through France. Through that relationship Monaco directly participates in certain EU policies. Monaco borders one EU member state - France.
Monaco is also in discussions with EU regarding the European Union Association Agreement with negotiations being launched in 2015 which are still ongoing.
How many companies registries in Monaco for businesses (i.e. UK has just 1 central registry)?
There is 1 company registry in Monaco which is called CONSULTER LE RÉPERTOIRE DU COMMERCE ET DE L'INDUSTRIE located at Direction de l'Expansion Économique, 9, rue du Gabian, 98000 MONACO.
We have access to Monaco Company Registry searches to find out who further background information on all Monaco companies.
What is the debt collection process in Monaco?
It is based on the French process. We do a mix of debt recovery letters, e-mails, phone calls and amicable bailiff letter, with full respect of the GDPR law.
Average length of time to collect a debt?
The average time taken to recover a Monaco B2B debt collection case varies from case to case but typically takes 45 days for amicable collections and 1 year or more for legal.
Can late payment fees / interest to be added to claims?
For B2C cases, we can add only interests at the legal rate in France
For B2B cases, we can add interests, indemnity of 40e per unpaid invoice, and some damages.
However we cannot oblige a debtor to pay these amounts amicably, only a Court decision enable us to claim them officially.
Details on legal service / process in Monaco?
We offer the following legal services:
Payment Injunction for non disputed files
Legal action by lawyer for disputed files, special files, or for files with high amounts
Enforcement of Court’s decisions
Lodgings : for debtors in bankruptcy / winding-up
We can provide the other following services:
Credit reports
Solvency report on individuals
Trace on individuals
Monaco Business Credit Reports
Creditreform provides over 88 million international business credit reports throughout Europe and 200 million international business credit reports worldwide. There are around 800 active businesses in Monaco, of which 10% are in retail trade and repair of motor vehicles and motorcycles. We provide freshly investigated Monaco business credit reports which can be done prior to trading to make sure the company you will be dealing with can meet the commitment or once the debt becomes overdue to ensure the debtor can meet the amount owed.
Monaco Skip Tracing Agents
Creditreform’s debt collection company service also uses expert local Monaco tracing agent services to locate any absconded debtor. This debtor tracing service is provided on a No Find No Fee basis only charging for a successful trace.
Specialist Debt Recovery Experts
There are many unique requirements to recovering international debts in all countries including Monaco debt collection services which differ from the UK and therefore it is very important that cases are handled directly by our expert international debt collection agencies and not from the UK office. This method of international debt collection sets Creditreform aside from the competition who in many cases try and recover debts from a UK office base only. Using the local offices and partners enables us to achieve a far greater success rate and our No Win No Fee service together with competitive commission rates against monies recovered only ensures you get the best service.
What is the name of the Government Gazette in Monaco?
The Gazette in Monaco is called the Journal de Monaco.
Who are the main trading partners for Monaco?
The main import and export partner for Monaco is European Union with Germany and Italy being largest.
Which countries border Monaco?
What is the Supreme Court in Monaco?
The Supreme Court for Monaco is called The Monegasque Supreme Court (Tribunal suprême) which was established in 1962.
Monaco Debt Collection Agency FAQs
1. How does a Debt collection agency in Monaco recover overdue debts?
The debt collection process is initiated by an introductory letter to your debtor stating the amount owed to you and informing them of our involvement. Letters are then followed up with emails and telephone calls. From our experience the most effective part of this process will be the outsourcing to a third party debt collection agency in Monaco as the debtor now has to resolve the debt and can no longer hide or provide lame excuses.
2. How long does the debt recovery agency in Monaco take to process a case?
The debt collection case will be processed immediately up receipt and a letter sent normally by email and post. You will receive an automated confirmation by return.
3. What is the success rate for debt collection agencies in Monaco?
The success rate of the debt recovery case depends on a number of factors including the solvency of the debtor and whether the case has a legitimate dispute. Our aim is to recover every debt that is recoverable.
4. Does the debt recovery agency in Monaco operate a No Win No Fee debt collection?
We take on all debt collection cases on No Win No Fee basis only charging the agreed commission against monies recovered.
5. Why use a local debt recovery agency in Monaco?
The reasons for using a local Monaco debt collection agency than processing from a different country is the debt collector in Monaco speaks the local language, knows the local laws and operates in the same time zones.
6. Are there any debts too old or too small for Monaco debt collection?
We will assess all debt cases, irrelevant of age and size and then advise the best processes to recover these through the Monaco debt collector.
7. How do I instruct the debt collectors in Monaco?
Instructing the debt collectors Monaco is a simple process. You just email details of the debt, debtor and amount to be recovered and the case can be initiated.
8. What evidence do I need to provide when instructing the Monaco debt collector?
When instructing the debt collector in Monaco just provide copies of invoices/statements, debtor contact details and any relevant information you may have to assist with the recovery process.
9. Who does the debtor pay?
In general, the debt collector in Monaco will request payments to be sent directly to the client but if not possible for any reasons will take payment directly. If payment is taken then cleared funds will be processed and sent to client straight away.
10. Can I instruct multiple cases?
You can send unlimited debt case instructions. Our systems will automate volume cases to meet your requirements.
11. Can you trace debtors in Monaco?
Through our network of skip tracing agents we have an extremely high success rate of locating your absconded debtor.
12. How long does the debt collection process take?
On average the debt collections process takes 90 days to resolve an amicable debt recovery case. There are a number of factors that can delay this process but we will keep you informed every step of the way.
13. What are my options if debt collection in Monaco is not successful?
If the debt recovery service is not successful, we will advise you of your options including legal actions. Please note no legal actions or other processes will be taken without prior instruction from you.