Top-class risk management solutions in Ukraine

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Following the signature of the treaty between Crimea and Russian Federation to join the Crimean peninsula into the Russian Federation on the March 18, 2014, Crimea has become disputed territory between Russia and Ukraine.
This rises great challenge on how to collect commercial debts in situation when the debtor is located in Ukraine and the creditor in Crimea  or vice versa.
The main problem relates to applicable law as Ukraine considers Crimea as part of Ukraine with Ukrainian laws applicable and Russia considers it as part of Russian Federation with Russian laws applicable.
It is never problem when company wants to pay the debt as it may pay it privately by cash, private wire transfer, mutual settlements etc., but it is real challenge when debtor uses situation to legally avoid debt payment and considers debts as written-off.
The only one real solution in this situation is selling of debts. If debtor is located in Crimea, Ukrainian company may sell debt to Crimean or Russian entity which becomes creditor and works in the same legal environment with debtor.
The same is with Ukrainian debtor; Crimean company may sell debt to Ukrainian entity or collection company which will collect debt according to Ukrainian laws.

Reality of collection in modern world may be tough, but professional and experienced debt collection company always finds flexible solutions for its clients.

Svetlana Kovalchuk
GCS Ukraine

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