debt collection in ireland

Debt Collection in Ireland

A presentation brought to you by LawyersIreland.eu

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Economic Difficulties in Ireland

• Foreign investors or simple citizens in Ireland may find themselves in financial difficulties.

• In this case, the procedure to follow in order to recover the money is called debt collection.

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Debt Collection Procedures in Ireland

• There are two ways of recovering a debt in Ireland:

the amicable procedure;

the legal procedure.

• Our solicitors in Ireland can provide you with more information about both debt recovery proceedings.

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Amicable Debt Recovery in Ireland >>

• The process of debt collection begins in Ireland just like in many other countries with an amicable procedure.

• When trying to recover a debt in this country, it is recommended to ask for the help of  a law firm in Ireland or a debt collection agency.

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>> Amicable Debt Recovery in Ireland

• Amicable debt collection starts with sending notifications regarding the due amount, the time limit for paying the debts and the consequences of the non-payment. 

• Different terms may be stipulated in the contract signed between the parties. 

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Legal Debt Collection Procedure in Ireland >>

• If the amicable procedure doesn’t have any effect, the legal debt collection proceeding may be initiated.

• Usually the creditors are hiring an Irish law firm or a debt collection agency with experience in these types of cases. 

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>> Legal Debt Collection Procedure in Ireland

• Legal debt recovery begins once the creditor files a claim with an Irish court.

• The court where the petition is filed is elected according to the value of the due amount:

the district court for values up to 6.350 EUR;

the circuit court for amounts below 38.000 EUR;

the High Court when the value of the amount is over 38.000 EUR.

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Commercial Debt Collection in Ireland

• The late payment in commercial transactions is regulated by an EU Directive.

• According to it, a penalty interest rate with the value of the European Central Bank’s main refinancing rate plus 7 percent from the due amount must be deposited if payments for commercial transactions are not made within 30 days.

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Legal Assistance in Debt Collection in Ireland

•  Our attorneys in Ireland have an extensive experience in a large variety of litigation situations, including debt recovery.

• If you need consultation for any legal matters, please address our Irish law firm. 

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Thank you for your attention!

For more information, please contact us at:

(+44) 203-287 0408 (for international clients)

 office@lawyersireland.eu

www.lawyersireland.eu

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