Presence and operations in HONG KONG for over 5 years with a staff of one local collaborator
System based on Common Law principles
Efficient legal system but which encourages settlement of disputes through mediation
Out-of-court action recommended with various pressure levels carried out by a local lawyer
ENTRUST YOUR OUTSTANDING RECEIVABLES IN HONG KONG TO INVENIUM
The average payment terms in Hong Kong vary between 30 and 60 days even if delays are frequent. Arrears interest is not regulated by law and is a matter of negotiation between the parties. Similarly, legal costs for credit collection cannot be charged to the debtor.
Although justice in Hong Kong is reliable and fast, it is always advisable to attempt an amicable settlement as an alternative to formal legal proceedings. In fact, even though the law does not designate conciliation or mediation as a prerequisite for formal legal action, in practice, the courts increasingly encourage the parties to go through alternative dispute settlement methods before commencing legal action. The Courts tend to impose sanctions on parties who unreasonably refuse an amicable negotiation.
The legal system in Hong Kong is based on British Common Law. Collection of trade receivables can be managed according to the amount by Small Claims Courts, District Courts or High Courts.
Both out-of-court and legal activity starts by sending a legal reminder which is followed by the statement of claim. The debtor can pay the debt or decide to file a statement defense within 28 days. The process is based on the exchange of a number of written claims and counterclaims between the parties and often such process can lead to a compromise. Otherwise, the applicant can ask the court to issue a final ruling.
From the late 90s Invenium is one of the largest organizations specialized in the management and collection of receivables, both in Italy and worldwide. Invenium has developed a network of 117 legal partners in 105 countries.
Years of experience
Clients around Europe
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