Bacciardi Partners successfully recovered a debt in Saudi Arabia for a leading Italian company in the plumbing and heating sector. This achievement was made possible through their legal expertise and a deep understanding of the country’s cultural nuances.
The Italian company had a substantial outstanding amount owed by a Saudi Arabian customer operating in the construction sector, who was facing severe financial difficulties.
The debt recovery was achieved through the following steps: engaging in a dialogue with the debtor to understand their specific situation, negotiation, the execution of a settlement agreement, continuous monitoring, and encouragement for compliance until the final realization of the agreement.
Legal procedures in Saudi Arabia can be highly intricate, often further complicated by the protectionist stance of national authorities. However, the most complex challenge is presented by cultural aspects. The perception of indebtedness is significantly different from our own and requires a sensitive and respectful approach. In this specific regard, the support of a corresponding local legal firm is essential.
The debt recovery activity was directed and coordinated by Tommaso Mancini, who assists companies and business groups in their foreign operations, both in the contractual phase of business and in potential foreign disputes, along with his International Commercial Law Team.
Bacciardi Partners leverages an international network of business lawyers, present in over 165 countries, enabling them to assist and represent companies in every jurisdiction.