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How to handle outstanding bills abroad

1. June 2010

Havent been paid yet?? The Austrian Trade Commission flexes its muscles on behalf of the Austrians companies to convince local companies to settle outstanding debts.

Recession bites

The financial downturn has taken a toll on countries and companies all over. The Middle East too has felt the heat of meltdown with projects to the tune of billions of dollars being shelved or cancelled completely. This has created a situation where many vendors are left unpaid or face huge delays in payment. The normal procedure for outstanding payments in the region is to send reminders followed by 3 written warnings. The final course of action would be to settle the issue by legal means.

However with the budgets already tight, such a recourse is not very popular as it is lengthy, complicated and expensive. Also, there is never a guarantee whether the outcome will be in the favour of the vendor or supplier.

As an added service to Austrian companies the Austrian Trade Commission has begun to provide companies with a service where it begins to follow up on the payments owed to them. The Trade Commission establishes contact with the local companies and carries out regular follow up to ensure that the payment is made. The success rate has been fairly good and this has been attributed to the fact that the Trade Commission is an official government body.