Conference of the Polish-Asian Chamber of Commerce - Debt Collection for Businesses
Debt Collection for Businesses
Issues connected with the recovery of debt from business partners were the focus of GPM Vindexus’ presentation at the Conference of the Polish-Asian Chamber of Commerce. The event took place on 22 March this year in Warsaw and featured a training for entrepreneurs. Institutional and financial market offer for businesses and entrepreneurs - was the motto of the conference. The event was attended by companies with the participation of Chinese, Vietnamese or Korean capital, interested in cooperation with Poland. GPM Vindexus was a guest of this conference, next to such organisations as the BGK bank or the KUKE credit insurance company.
Unfortunately, while looking for new growth opportunities, Polish entrepreneurs come across unreliable partners – says attorney Dariusz Derbich, Chief Legal Officer at GPM Vindexus, author of the presentation. A business partner’s failure to pay for the services or goods delivered to them often puts financial liquidity of companies at a risk and may even lead to bankruptcy. To avoid such situations, it is crucial that companies are fully aware of the financial situation of their business partner, adequately draft their contracts and monitor their partner’s solvency during the term of such contracts. It is not always possible to insure commercial transactions. Moreover, taking into account the substantial scale of defaults and the non-payment of both transaction prices and entire contractual amounts, entrepreneurs should consider using services of professional debt collection companies. The efficient approach taken by these companies helps to save the time and costs of pursuing payments of debt and increase the likelihood of recovery of the agreed amount.
In addition to a standard presentation of the company and its activities, the GPM Vindexus’s presentation highlighted the issued related to the collection of debt arising from contracts concluded by companies from different countries (problems with the jurisdiction, differing legal systems, different institutions responsible for forced recovery of debt).
Participation in this kind of events is important for the company’s growth, both short- and long-term – says attorney Agnieszka Komoszka, Commercial Director at GPM Vindexus. It is important short-term because acquiring business partners in new market sectors diversifies our debt portfolio. At this moment, it is to a large extent dominated by debt from banks and telecommunications companies . On the other hand, when thinking about long-term growth of the company, liaising with companies which conduct their business abroad may prove to be crucial – adds Agnieszka Komoszka.
The Polish-Asian Chamber of commerce was established in April 2016 as the initiative of Polish entrepreneurs. Its mission is to efficiently match demand and supply by creating good conditions for the development of investment activities on Asian markets. The Chamber brings together both small businesses and joint-stock companies wishing to grow and develop in cooperation with foreign business partners, to extend their network of contacts and to keep up with the latest news on important events happening in Poland and across the world. Warsaw, 26 March 2018, contacts and to keep up with the latest news on important events happening in Poland and across the world. Warsaw, 26 March 2018.
Issues connected with the recovery of debt from business partners were the focus of GPM Vindexus’ presentation at the Conference of the Polish-Asian Chamber of Commerce. The event took place on 22 March this year in Warsaw and featured a training for entrepreneurs. Institutional and financial market offer for businesses and entrepreneurs - was the motto of the conference. The event was attended by companies with the participation of Chinese, Vietnamese or Korean capital, interested in cooperation with Poland. GPM Vindexus was a guest of this conference, next to such organisations as the BGK bank or the KUKE credit insurance company.
Unfortunately, while looking for new growth opportunities, Polish entrepreneurs come across unreliable partners – says attorney Dariusz Derbich, Chief Legal Officer at GPM Vindexus, author of the presentation. A business partner’s failure to pay for the services or goods delivered to them often puts financial liquidity of companies at a risk and may even lead to bankruptcy. To avoid such situations, it is crucial that companies are fully aware of the financial situation of their business partner, adequately draft their contracts and monitor their partner’s solvency during the term of such contracts. It is not always possible to insure commercial transactions. Moreover, taking into account the substantial scale of defaults and the non-payment of both transaction prices and entire contractual amounts, entrepreneurs should consider using services of professional debt collection companies. The efficient approach taken by these companies helps to save the time and costs of pursuing payments of debt and increase the likelihood of recovery of the agreed amount.
In addition to a standard presentation of the company and its activities, the GPM Vindexus’s presentation highlighted the issued related to the collection of debt arising from contracts concluded by companies from different countries (problems with the jurisdiction, differing legal systems, different institutions responsible for forced recovery of debt).
Participation in this kind of events is important for the company’s growth, both short- and long-term – says attorney Agnieszka Komoszka, Commercial Director at GPM Vindexus. It is important short-term because acquiring business partners in new market sectors diversifies our debt portfolio. At this moment, it is to a large extent dominated by debt from banks and telecommunications companies . On the other hand, when thinking about long-term growth of the company, liaising with companies which conduct their business abroad may prove to be crucial – adds Agnieszka Komoszka.
The Polish-Asian Chamber of commerce was established in April 2016 as the initiative of Polish entrepreneurs. Its mission is to efficiently match demand and supply by creating good conditions for the development of investment activities on Asian markets. The Chamber brings together both small businesses and joint-stock companies wishing to grow and develop in cooperation with foreign business partners, to extend their network of contacts and to keep up with the latest news on important events happening in Poland and across the world. Warsaw, 26 March 2018, contacts and to keep up with the latest news on important events happening in Poland and across the world. Warsaw, 26 March 2018.