Debt Collections Handbook Canada 2017

Debt Collection Reports

  • Canada
  • Agriculture,
  • Automotive/Transport,

10th July 2017

Having drawn from the expertise of the Atradius Collections' local offices, the International Debt Collections Handbook explains the different stages, regulations and procedures for Canada.

Amicable phase

General

 

Handbook Report Page - Amicable Phase

 

In the amicable phase, we follow a collection process that is professional at all times with the objective to retain relationships between client and debtor whenever possible. Our staff of collection professionals carry out the first collection tier in-house. They pursue debtors verbally and in  writing within the bounds of federal and state laws.

Local Agent

Atradius Collections maintains direct contact with all debtors and clients whenever possible. However, if required, we have LDC contacts throughout Canada to assist in our clients’ collection needs. At the present time, we cannot offer a field service for visiting debtors in Canada.

Interest

The collection of interest is permissible under Canadian law. If the terms and conditions of the contractual agreement between the client and debtor contain a clause that permits the collection of interest costs, then it may be added to the overall debt. Canada’s Criminal Code makes it a crime to set an interest rate above 60%.

Costs

The addition of collection costs (success fees) is not permissible under Canadian law. However, if the terms and conditions of the contractual agreement between the client and debtor contain a clause that permits the collection of costs, then it may be added to the overall debt.

The Debt Collections Handbook presents a snapshot of Canada's local economic situation and covers the following topics:

  • Legal procedures
  • Lawsuits
  • Insolvency Procedures
  • Timeframe and outcome

To read more about steps and procedures undertaken in the field of debt collection:

Download Debt Collections Handbook Canada now!

 

Disclaimer

The statements made herein are provided solely for general informational purposes and should not be relied upon for any purpose. Please refer to the actual policy or the relevant product or services agreement for the governing terms. Nothing herein should be construed to create any right, obligation, advice or responsibility on the part of Atradius, including any obligation to conduct due diligence of buyers or on your behalf. If Atradius does conduct due diligence on any buyer it is for its own underwriting purposes and not for the benefit of the insured or any other person. Additionally, in no event shall Atradius and its related, affiliated and subsidiary companies be liable for any direct, indirect, special, incidental, or consequential damages arising out of the use of the statements made information herein.