The repercussions of the Covid-19 pandemic on the global economy could have an impact on Business to Business (B2B) payment behaviour worldwide, and knowledge of country-specific practices and legislation regarding debt collections is necessary to increase recoveries and minimise write-offs. according to Atradius.
The latest economic research by the company forecasts a 26% increase in global insolvencies this year as the coronavirus pandemic pushes the world economy into recession. This could lead to payment delays or defaults that have a ripple effect on all businesses. Atradius says that it is imperative that international companies make informed decisions about the collections of their overdue accounts receivable.
Working with foreign payment practices within foreign legal frameworks has been one of the main challenges of collecting debts abroad. Now multinationals can use the International Debt Collections Handbook to guide them through different debt collections approaches in 50 countries. From amicable settlements – recovering ageing debts while maintaining business relationships – to legal proceedings – recovering bad debts by taking legal action in line with local laws and legislative practices, the International Debt Collections Handbook provides helpful insights and extensive expertise.
Since its first edition, the annual publication International Debt Collections Handbook has gained trust from businesses and become the go-to source for information about collecting debts internationally. In the current economic circumstances, it is a valuable tool for any business wishing to protect their cash flow.
Yvette Gray, Regional Director for Atradius Collections services in UK & Ireland said “Our lawyers and collectors have shared a great deal of their expertise and experience in the International Debt Collections Handbook. I’m sure readers will find it a highly useful, in-depth resource for all business decisions relating to debt collections.”