Dubai Chamber's Legal Service Department comes to the rescue of members seeking the recovery of their bad debts in these financially trying times
Dubai-UAE: As part of its strategic objective of providing value-added services to the business community, Dubai Chamber of Commerce & Industry's Legal Services Department has a bigger role to play in these financially uncertain times. The Department till date has received 11 cases of debt recovery against companies based in Europe and Far East.
The Legal Services Department that has earlier tied up with Coface Emirates (CEMS) on behalf of France-based Coface "Compagnie Francaise D'Assurance pour Le Commerce Exteriors" in offering international debt collection services to the Chamber's members and non-members, is taking advantage of the expertise of Coface's vast database of 50 million companies from all over the world, which enhances the business of importers, bankers and all those involved in financial services and their experience in dealing with the accounts receivable in all parts of the world.
Says Jehad Kazim, Legal Services Director of Dubai Chamber, "Our Debt Collection Service provides clients with an online access to monitor their debt collection process, first action within 24 working hours from receipt of debt, no recovery no fee, and pre-legal diagnosis at the end of the amicable procedure."
Jehad informed that due to the credit crisis situation the payment behaviour of companies has clearly deteriorated and Dubai Chamber members availing of this debt collection service get discounted rates as well as value-added service of recovering bad debts more efficiently by having at their disposal experienced multi-lingual teams, who are familiar with local business culture and market conditions in the countries where the debts are located.
This initiative comes as part of Dubai Chamber's mission of representing, supporting and protecting the interests of the business community in Dubai while also serving its strategic objectives of supporting the development of business and promoting Dubai as an international business hub.
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Established in 1965, the Dubai Chamber of Commerce & Industry, according to article (3) of law No. (8/1997), is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favorable business environment, supporting the development of business, and by promoting Dubai as an international business hub.
© Press Release 2009
