Top-Rated Debt Collection Agency in Brunei Darussalam
Fast and reliable debt collection in Brunei Darussalam - no upfront costs, only pay for success. Request a FREE Consultation or upload your claim today.
Recover your debt in Brunei Darussalam easily.
Debitura is a Brunei Darussalam-based debt recovery specialist that provides a wide array of services to help businesses recover outstanding debts. Our team of seasoned professionals is well-versed in managing accounts receivables, issuing debt collection notices, executing pre-legal and legal debt collection procedures, and carrying out enforcement court proceedings. With our in-depth knowledge of the laws and regulations governing debt collection in Brunei Darussalam, we are capable of providing swift and effective solutions for all your debt recovery needs.
We provide unwavering assistance throughout the entire process.
A tailored debt recovery plan.
We have a team of over 500 professionals specialized in international debt collection.
Achieving a success rate of 87% at the most affordable cost.
The ultimate guide about debt collection in Brunei Darussalam
Do you have money that someone else in Brunei Darussalam owes you? If so, we can help you get your money back! We have helped many other businesses in Brunei Darussalam get their money back from people who owe them.
Getting your money back from someone in Brunei Darussalam can be difficult because of the language and cultural barriers, different laws and customs, and because it is far away. But it is easier to get your money back when you use a collection agency that knows the laws and customs of the country where the person who owes you money lives.
At Debitura, we always put people first. We do everything we can to get your money back while still keeping a good relationship with your customer. Our efforts are always fair and firm- making sure your reputation is our top priority! If you want to understand the Bruneian debt collection process from start to finish, keep reading this guide. If you would rather work with a local law firm that specializes in debt recovery in Brunei Darussalam, we can help you with that too.
Debitura can help you collect money that people owe you. Get started by uploading your claim. We will look at it and tell you what we can do to help within 24 hours. You will get 3 free quotes from local debt collection lawyers. We use a people-oriented approach and the latest tech-driven solutions to drive results and provide better contact management. This comprehensive method gets the results you need while preserving customer relationships. In addition, our network of debt collectors, attorneys, suppliers and vendors are cherished relationships that allows us to get the job done. We value each of these relationships, no matter how small or large.
Begin the process of collecting your debt in Brunei Darussalam without any cost today. Simply create a free profile and upload your case within 2 minutes.
During the initial 3 months, our pre-legal recovery process will aim to recover your claimed debt. Our method has been proven to be successful, and we operate on a no-cure-no-pay basis, meaning you don't pay unless we recover your debt.
If your claim remains unpaid after the pre-legal phase, we'll give you three quotes from our nearby debt collection attorneys.
You get access to our online portal where you can track your case in real-time
Introduction to collecting debt in Brunei Darussalam
Do you have a hard time getting paid by your Bruneian customers? If so, don't worry; we can help you. When someone owes a debt, they are called the debtor, and the person or company they owe is called the creditor. If the creditor tries to collect the debt themselves, this is called "first-party collection." If the creditor hires someone else to collect the debt, this is called "third-party collections."
The debt collection process in Brunei Darussalam
The debt collection process in Brunei Darussalam usually happens in more than one step.
The image below explains our process for collecting debt in Brunei Darussalam:
1 Upload your claim:
If you want to get your money back from someone who owes you, you can find a debt collection partner. This is a person or company whose job it is to help people get money that is owed to them. You can upload your claim onto their website. If you use Debitura, we will give you 3 quotes from local partners in the Asia country where the person who owes you money lives. This service is free - there are no strings attached.
2 Amicable collection:
The collection process begins with sending reminders to the person who owes you money. These reminders can be sent via email, SMS, letter, or any other available communication channels in the specific country. The goal is to get the debtor to pay or acknowledge the debt and start a payment plan. If we are successful in recovering your debt, you will only have to pay a small success fee. Amicable collections with Debitura are 100% risk-free!
If you have not received payment from the debtor after trying to work it out, you need to decide what to do next. We will look at your claim and how likely it is that you will get paid. Other factors will help us decide what the best option is. There are three typical next steps:
If your claim is for less than 2,000 to 5,000 euros, it is not worth it to take further legal action. In this case, we recommend "debt surveillance." This means that we will keep trying to contact the person you owe money to and try to reach an agreement about how much they will pay you back.
B: Legal collections:
It's a good idea to use legal action for bigger problems. The way to do it is different depending on what the problem is and how big it is. Usually it takes around a year and a half.
C: Debt enforcement:
If the person you are owed money from has said that they will pay you, or if there is a court order, you can ask the bailiff to help you get your money.
Amicable collection in Brunei Darussalam
At Debitura, we offer a 100% risk-free and efficient process for Amicable collections. This means that you can submit your claim to us, and we will get started on it within 24 hours.
We will contact your debtor in Brunei Darussalam through different ways, such as email, text messages, letters, phone calls, and social media.
The purpose of this is to:
A) Get the person who owes you money to pay the whole amount.
B) Get the person who owes you money to agree that they owe you money and start a plan to pay it back bit by bit.
If the person you are trying to collect from has disputed your claim, you cannot try to resolve it peacefully. You must start with legal collections.
Get started with
amicable debt collection
Upload your claim and get started with our 100% no-cure-no-pay collection solution.
Legal collection in Brunei Darussalam
If we have not been able to collect your debt during the first phase or the debtor disagrees with your claim, we will provide you with 3 free quotes from local debt collection attorneys. In the legal phase, our local attorney will contact your debtor and try to negotiate a payment. Our partners can also go to court and get a payment order from the legal system in Brunei Darussalam. This payment order can then be used to enforce your claim via enforcement court.
The amount of money you will need to pay a lawyer varies depending on how difficult your case is and how much work the lawyer needs to do. To make sure you are getting the best deal, it is a good idea to ask for quotes from more than one lawyer. You can do this easily by using Debitura.
Get started with
legal debt collection
Upload your claim and get 3 FREE quotes from our local collection partners.
Debt enforcement in Brunei Darussalam
If you have written proof that the person you are trying to get money from owes you money, or a court order, you can go to the bailiff's court in Brunei Darussalam to get your money.
The way to do this and how much it will cost is different for each person. To find out, upload your information to Debitura. They will give you 3 different quotes based on your claim within 24 hours.
Get started with
Upload your claim and get 3 FREE quotes from our local collection partners.
Insolvency proceedings in Brunei Darussalam
The final stage you can initiate if your debtor cannot pay his debts is an insolvency procedure. The goal of this procedure is to get rid of the debtor's assets and give them to the creditors following the debt priorities.
Our analysis concludes that the risk of conducting business in Brunei is medium-low. Based on this medium-low score, we recommend being careful providing credit and considering charging upfront payment or using credit insurance when trading if you don't know the customer in Brunei well. If possible, provide a short credit period or even better upfront payment. The medium-low risk score is based on the following factors:
The economic risk in Brunei
Our conclusion based on the economic risk factors, is that the economic risk in Brunei is medium (3 out of 6). An economic risk of 3 out of 6 is low in Asia.
GDP and economic growth are critical drivers for economic risk.
The GDP of Brunei is 14,01 bn. USD (2021), growing by -1,61% per year.
In terms of the size of its economy, Brunei ranks #126 out of 183 countries and has a medium-sized economy.
In terms of growth rate, it is ranked #166 out of 183 countries and is therefore considered a declining economy.
GDP per capita is 31723 USD, ranking Brunei number #30 out of 183 countries. This means the purchasing power of citizens in Brunei is high compared to the rest of the world.
You can see a more detailed picture of GDP and economic growth in Brunei in the table below:
Another significant influencer for the economic risk score is the inflation rate and the interest rates. You can see a more detailed picture of monetary KPIs in Brunei in the table below:
The inflation in Brunei was 1,7% in 2021 which is considered a very low inflation rate.
Looking at the interest rate for businesses, it is 5,5%.
The business environment risk in Brunei
Our analysis shows that the business environment risk in Brunei is low (2 out of 6), which is a low risk score in Asia.
Economic freedom and rights determine the business environment risk in a country. You can see the critical facts for Brunei in the table below:
As you can see above, the property rights index is 61 in Brunei, which is considered quite low in Asia.
The business freedom index is based on 10 indicators, using data from the World Bank’s Doing Business study. The Index is 84 in Brunei, a quite good score for a country in Asia.
Brunei's overall economic freedom index is 67 out of 100 and is based on factors such as the rule of law, regulatory efficiency, and market openness.
The political risk in Brunei
The political risk in Brunei is low, with a score of 2/6. This is a low political risk score in Asia.
The governance and political stability indicators are critical drivers for political risk. An overview of Brunei can be seen in the graphs below:
The rule of law index analyses to which extent agents have confidence in and abide by the rules of society, in particular the quality of contract enforcement, property rights, the quality of the courts, and the police's ability to enforce court orders.
When doing business in a country, the rule of law index is critical as it describes your ability to enforce commercial contracts.
In Brunei, the rule of law index is at 0,89 points, with the score going from -2.5 (weak) to 2.5 (strong). Brunei has, therefore, a very high rule of law index, which means you have a very good chance of enforcing your contracts. If your individual customers have good creditworthiness, you should therefore feel relatively safe when providing credit.
Other drivers for the low political risks are the strong control of corruption, the strong political stability index, and the large shadow economy that is 30,44% of Brunei's GDP.
The commercial risk in Brunei
In Brunei, the commercial risk score is 2/4, which in our model is a low score. This low commercial risk score is pretty average compared to the average in Asia.
The commercial risk is influenced by a country's international trade relationships. You can see some of the key facts for Brunei in the table below:
Brunei has a positive trade balance of 13,21% of GDP. This means that Brunei imports fewer goods and services than the country exports.
The annual growth of exports of goods and services has been growing 8,76% annually - now 80,17% of GDP. Import of goods and services represents 66,95% of the GDP in Brunei.
The financing risk in Brunei
We have calculated the financing risk to be 2/4, which equals a low risk. A low financing risk score is relatively low for countries in Asia.
The country's banking system, efficiency, and stability influence the financing risk. You can find the extra information for Brunei in the table below:
In Brunei, the credit information sharing index is 8 on a scale from 0 (low) to 8 (high). The consequence of that number, is that the access and quality of credit information available in Brunei is high.
This makes it easy for you to understand the credit risk of your counterpart in Brunei. Based on this, it should be possible to to find a good local credit rating agency that can help you analyse the creditworthiness of your specific customers.
Your legal rights as a creditor (and as a borrower) are 12 out of 12 and, therefore, very strong.
The low financing risk for creditors also impacts the medium interest rate in the private sector of 5,5%.
Debt collection in Brunei Darussalam: Frequently Asked Questions (FAQ)
In Brunei Darussalam, debt collection typically happens in multiple steps. If you're having trouble getting paid, you can upload your claim to a debt collection partner who will try to recover your debt through reminders and negotiation. If that fails, the partner will evaluate your claim and decide whether to use surveillance or legal collections, depending on the amount owed. If there's a court order or promise to pay, the bailiff can be asked to enforce the debt. Debitura offers free service to upload your claim and provides you with three quotes from local partners.
The debt collection process in Brunei Darussalam involves pre-legal collection, legal debt collection, and debt enforcement. Firstly, reminders are sent to the debtor to encourage payment or start a payment plan. If unsuccessful, the claim is evaluated and three options are available- surveillance, legal collections, or debt enforcement. Legal collections can take around a year and a half, while debt enforcement involves enlisting the bailiff's help. Our debt collection partner can assist you throughout the process.
If your debt is disputed in Brunei Darussalam, a civil lawsuit may be required. Debt enforcement and insolvency proceedings are also options. Legal actions will require a local lawyer, and we can provide you with 3 free quotes from local attorneys. Insolvency proceedings aim to distribute the debtor's assets to creditors according to debt priorities. The cost of hiring a lawyer varies, so it's a good idea to ask for quotes from more than one lawyer, which Debitura can help with.
Debt collection costs in Brunei Darussalam vary depending on the specifics of your case. Debitura offers a no-cure-no-pay model for pre-legal collection with a success fee between 10-20%. Prices for legal action will depend on your case and desired actions. Debitura can provide 3 quotes from the best debt collection lawyers in Brunei Darussalam.
In Brunei Darussalam, the duration of the debt collection process varies depending on the debtor and the details of the case. If the case can be resolved in the pre-legal phase, the collection process usually takes around 3 to 6 months. However, if the debt must be collected via legal actions, it typically takes 12 to 18 months. The length of the collection process can vary and is assessed on a case-by-case basis.