L Y Lu & Co.’s litigation team has experience in providing pre- litigation guidance and litigation services in relation to debt recovery and execution of judgment debts.
Our legal services are tailor made to meet your individual requirements. We endeavor to enhance your own credit control department with our lawyers working as a team with you in order to maximize your cash flow and reduce your debtor days. We offer you the efficiency and drive of a legal partner, together with the skills & expertise of a professional legal team.
Debt Collection Method:-
1. Issuing letter of demand
2. Telephone calls
4. Physical site inspection and inspection report
5. Initiation of litigation process
6. Collection at national and international levels
7. Out-of-court settlement and negotiation
8. Court debt collection: order to pay, summary proceedings or full court proceedings with courts and enforcement of judgment debts
Debt Recovery Procedure:-
Pursuing debtors in Malaysia can prove time consuming, difficult and costly for foreign creditors from other jurisdictions. Difference in laws, procedures, limitation period and timescale can all add to the pain of the experience. L Y Lu & Co provides a liaison service for solicitors and also act on an agency basis in appropriate circumstances.
1. Background Research
Prior to the commencement of any serious action to recover the debt, it is advisable to conduct a simple background search against the debtor. The search includes official company search, individual address search, physical visit inspection, insolvency search, credit search etc. to access whether it is economical to proceed with the next course of action.
2. Issuing Letter of Demand
The next prudent course of action is to issue a formal letter of demand and to serve the latest statement of outstanding amounts to the debtor.
If the debtor is desirous to settle the debt, we shall negotiate the amount and method of settlement on behalf of the creditor with the creditor’s mandate.
4. Court Action
Should the negotiation did not end in the favourable way, the creditor shall consider initiating court action.
5. Choice of Procedure
a) Small claims (RM5,000.00 or below)
b) Summary judgment
c) Full trial