Presence and operations in Venezuela for over 7 years with a staff of 3 collaborators in: Caracas, Maracibo and Valencia
Legal proceedings very slow: 6 years average duration
Out-of-court action that Invenium carries out with a local lawyer is always recommended
Various levels of pressure which usually lead to mediation or a repayment plan
ENTRUST YOUR OUTSTANDING RECEIVABLES IN VENEZUELA TO INVENIUM
In Venezuela, the limitation period for a trade receivables is 10 years.
Application for an Order for Payment is not envisaged but, in order to uphold one’s rights in civil matters, it is necessary to initiate legal or summary proceedings if in possession of an enforcement order.
The civil procedure is governed by the principle of freedom of evidence and it is for this reason that the parties can put forward their claims by any means.
The duration of legal proceedings is approx. 5-6 years. The Court has the power to award costs against the losing party as long as they do not exceed 30% of the value of the case. In Venezuela litigation funding is not allowed.
For all the above reasons and from previous experience, only in the event that the debtor is “performing” is the out-of-court approach recommended.
Since more than 7 years Invenium has a presence in Venezuela with 3 lawyer-collaborators. The local activity carried out by the lawyers involves several steps that start by sending a letter of formal notification of default that induces the debtor at least to respond feeling threatened by impending legal action. It is in fact in the interest of the other party to reach an amicable solution by signing a settlement agreement or a repayment plan.
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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