Asset investigation is an action carried out to determine the debtor’s financial resources, which allows satisfying the creditor’s claims. Therefore, if you are a lawyer or run a law firm, it is worth considering this service before taking on debt collection cases. It will allow you to assess the chances of success in the proceedings you initiate, the time and effort you will need to complete the case successfully. Above all, it will allow you to present the client with an honest picture of the situation and save your valuable time.
Asset investigation – saving time and increasing the efficiency of a lawyer
Increasing efficiency, pushing actions forward, and in the long term, also gaining valuable trust in the eyes of the client – these are the first obvious benefits that support from a professional intelligence company brings to a lawyer. The information provided by it allows strengthening the effectiveness of attorneys’ work, relieving them from tedious tasks of gathering evidence or information. This is the case with asset investigations, which serve as a sort of roadmap for further proceedings regarding a specific debtor, and sometimes provide a ready-made action plan. The added value of cooperation is enhancing the good reputation of the law firm and lawyer. Providing reliable and necessary information in proceedings not only increases the lawyer’s effectiveness but also allows building a positive image and evaluation in the environment and among clients. Effectiveness translates into positive opinions, which attract more and more new clients.
Debtor’s asset investigation
During the debtor’s asset investigation, information regarding the assets of the person or company with financial arrears or debts is obtained. This is a tool used to identify the available financial resources of the debtor that can be used to repay their obligations. The main elements of searching for the debtor’s assets include:
- information about owned real estate, such as houses, commercial premises, farm buildings, apartments, plots of land;
- details about movable property owned, including vehicles, equipment, furniture, works of art, etc.;
- information about bank accounts owned;
- data on shares in companies, owned stocks, bonds, or other forms of investments;
- estimated data on monthly or yearly income of the debtor;
- information about other financial obligations that may affect the ability to repay debts.
Values resulting from the investigation and cooperation with the intelligence company
Asset investigation is a tool that enables a better understanding of the debtor’s financial situation, thus making it possible to make concrete decisions regarding the strategy for recovering receivables. In some cases, it can also be used in the enforcement process when the attorney takes legal steps on behalf of the creditor to secure their claims. However, gathering information about the debtor’s assets is subject to specific legal requirements, and the initiated procedures must comply with them. That’s why so many clients seek help from a professional attorney in debt collection matters. On the other hand, lawyers are not accustomed to using detective services in such cases. That’s why the support of a professional intelligence company is so beneficial for their work. The asset investigation conducted by such a company will help assess the debtor’s solvency and the chances of recovering the client’s receivables, outlining the best scenario for further proceedings in the matter.
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