OLM Law Advocates LLP
OLM Law LLP is a boutique law firm offering expert legal advice and support services to individuals, businesses, corporate entities, banks and financial institutions, governments, multinationals, state corporations, diplomatic missions, NGOs, and private clients.
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OLM Law Advocates LLP has a dedicated litigation team that handles complex commercial litigation, debt recovery, corporate recovery, arbitration, and other alternative dispute resolution mechanisms.
Typically, the debt recovery process in Kenya involves the following steps:
- Reviewing all the documentation/contracts relating to the outstanding debt by the debtor.
- Reviewing all the necessary applicable laws and regulations.
- Preparing and issuing a Demand letter to the debtor to fully settle the outstanding debt within 14 days from the date of receipt of the Demand, failure to which, debt recovery proceedings are instituted in court. The reason for issuing the demand letter is that failure to do so would disentitle a creditor from claiming the costs of the suit should the creditor win the lawsuit against the debtor.
- Negotiating the terms of a settlement agreement with the debtor (if any).
- Representing the client/creditor in court proceedings for debt recovery against the debtor.
Legal Fees
Whilst we recognize the principal criteria when selecting external counsel will be overall experience, we are also aware of the importance of pricing our services competitively. In order to ensure cost-effectiveness in such transactions, we create a mix between partners and associates.
Our fees for debt recovery matters are pegged at **10% of the principal amount of the debt portfolio**. Our fees shall be billed 50% at the inception and the remaining 50% on close of the matters in court (i.e., obtaining judgment or decree).
Additional Costs and Charges
Please note that all costs set out above are exclusive of all applicable taxes and particularly VAT (currently at 16%) and disbursements, which, to the extent possible, will be charged at cost.
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We have written a detailed guide about debt collection. Click the button below to read it.
Top-Rated Debt Collection Agency in Kenya
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