Having drawn from the expertise of Atradius Collections' local offices, the International Debt Collections Handbook explains the different regulations and procedures for debt collections in Belgium.
Amicable collections
General information
Atradius Collections maintains a professional collection process. We always try to safeguard the relationship between our clients and their debtors. Our team of collection specialists carry out the collection process in-house, contacting the debtors both verbally and in writing, whilst adhering to applicable Belgian laws. When there is a dispute, we aim to reach an amicable solution between the creditor and the debtor by analysing all contractual documents (e.g. signed contracts, orders, confirmations, invoices and delivery notes, as well as previously agreed terms and conditions). All investigations are completed with the assistance and agreement of our legal team.
Interest
In the amicable phase, Atradius Collections always charges interest to the debtor. The applied default rate is 12%.
Debt collection costs
In the amicable phase, we charge two types of collection costs:
- A fixed amount of EUR 40 according to section 6 of the statute of 2nd August 2002 on late payment, regardless of the amount of the debt.
- A penalty clause of 15% of the principal amount of the claim submitted to Atradius Collections. The interest and cost rates we are using are in line with the average rate applied by our clients.
At the request of the client, we can adapt the rate we are using according to their terms and conditions. From a cultural point of view, the recovery of late payment interest and collection costs is quite difficult. These penalties for late payment can be considered as a matter of negotiation between the debtor and the client.
The Debt Collections Handbook presents a snapshot of Belgium's economic situation and covers the following topic:
- Accepted and most common payment methods
- Types of companies
- Retention of title
- Legal procedures & legal system
- Enforcement in debt, movable and immovable property
- Insolvency proceedings
To read more about steps and procedures undertaken in debt collections in Belgium and other countries: