Atradius Collections' International Debt Collections Handbook Reveals Country Differences in Statute of Limitations

Amsterdam, Netherlands (ots/PRNewswire) - The
International Debt Collections Handbook which will be released by
Atradius Collections in its fourth edition next month reveals the
enormous differences in debt expiring in based on statute of
limitations.

The International Debt Collections Handbook is created by experts
in country-specific debt collection procedures and legislation that
present a major challenge for businesses. Their expertise was
acquired through years of experience and collecting internationally
at Atradius Collections.

The statute of limitation poses a recurring issue for many
businesses who lack in-depth knowledge of local laws which can be
critical when collecting international debt. The law defining statute
of limitation is set by country and therefore radical differences can
be seen when comparing countries. The range can start from just one
year, such as in Mexico and go up to 15 in Spain. The statute of
limitation prevents delinquent debt from being pursued indefinitely
and defines the time limit for the creditor to file a lawsuit.

As this is a very complex subject, businesses are often best
advised to seek the advice of an external expert. Compiled by experts
in debt collections, the Atradius Collections Handbook highlights the
differences around collecting debt in foreign countries and has
dedicated a section to the diversity and complexity of
country-specific procedures, including statute of limitations.

"We have created the International Debt Collections Handbook for
businesses, providing them with the tools to understanding debt
collections in a foreign country, "says Rudi De Greve, Executive
Manager Global Operations at Atradius Collections. "Statute of
limitation is just a small area in this broad subject but stands out
due to its complexity."

Differences in statute of limitation in selected countries:

Canada: 3 years - for commercial documents. If payments have been
made the period may be interrupted.

China: 2 years - for general trading. Some exceptional
international purchasing contracts are for 4 years.

Germany: 3 years - limitation starts at the beginning of the year
following the year in which the claim was founded.

Greece: 5 years - for commercial invoices. For cheques, bills of
exchange, promissory letters it is 3 years.

India: 3 years - for commercial invoices and bills of exchange
and promissory notes.

Mexico: 1 year for commercial transactions in retail sales and 10
years for wholesale. On international sales, the statute of
limitations is 4 years.

Poland: 3 years - for commercial invoices, in some cases 2 years.

Netherlands: 5 years - for commercial claims. This is calculated
from the due date of the invoice.

Spain: 15 years - the law foresees a special period for
obligations that must be paid yearly or in shorter periods of time
which is then 5 years.

Switzerland: 10 years - for contractual claims.

Turkey: 10 years - for commercial invoices, but the law has a few
exceptions, such as only one year for shipping invoices or six months
for checks.

Hungary: 5 years - exception are outstanding receivables
originating from freight forwarding services prescribe after even one
year.

United States: Varies from state to state, and generally are
between 2 and 6 years for an open account or sale of goods, and
between 3 and 10 years for a written contract.

More information and more countries can be found in the
International Debt Collections Handbook which is available for free
downloading at http://www.atradiuscollections.com .

About Atradius Collections:

Atradius Collections, a business unit of Atradius Group, provides
efficient, quick and flexible solutions for recovering domestic and
international trade debts. With a global network of collections
specialists, lawyers and insolvency practitioners worldwide, Atradius
Collections serves over 14,000 customers handling, on average,
100,000 cases a year. Over 85 years of worldwide credit management
industry experience uniquely position Atradius Collections as a
global leader in business-to-business debt collections.

ots Originaltext: Atradius N.V.
Im Internet recherchierbar: http://www.presseportal.de

Contact:
Press Contact: Corinna Lohse, Phone: +31-20-553-3028,
Email:corinna.lohse@atradius.com