A bad debt expenses are recognized when a receivable sums are no longer collectible because a debtors are unable to fulfill their obligation to pay an outstanding debt due to insolvency, bankruptcy, death/liquidation or other financial problems.
As part of its control functions, the tax administrator may request evidence that the company has attempted to recover a debt (sent reminders, contacted a customer by letter), that the company has used debt collection companies (reports from debt collection companies), and in some cases that the company has tried to initiate legal proceedings. and recovery through a bailiff. Also, in the event of liquidation of the debtor (or in the event of the death of a person) or insolvency, documents confirming the registration of legal facts may be required.
To help our customers, we provide the following services:
1. Collection and provision of information on the debtor's solvency, assets, economic activity;
2. Detailed credit reports on legal entities registered in European Union countries, Norway, Russia;
3. Debt recovery reports on the recovery process and results carried out and the possibility of debt recovery;