Asset Recovery

International Business Companies (IBC’s) incorporated in the Commonwealth of Dominica are attractive for location independent entrepreneurs, international consultants, small business owners and other professionals running a cross-border or international operation. For the country of Dominica, the offshore financial industry provides an alterative for Foreign Direct Investment where local services are retained by foreign professionals without placing a burden on the local infrastructure. Instead, the formation of an Offshore IBC merely requires the company to rent a local registered address and pay the annual fees to the corporate service provider and the corporate registry.

Since the Dominica offshore IBC requires foreign ownership, beneficiaries can strategize their much needed financial services and identify the most appropriate location to fulfil their personal and corporate needs. This freedom of choice often directs Dominica offshore companies and their beneficiaries to other offshore jurisdictions and the more traditional financial centers. The synergy derived from such diversity creates distinct opportunities but can also lead to specific challenges. These challenges include but are not limited to the restriction of access to the corporate financial assets. This may unravel by unpredictable bank failure, investment fraud and other loss of earnings.

Asset recovery is an extensive and well-designed procedure to regain access to personal and corporate belongings. The strategies used are based on empirical evidence and previous successes. Although every asset recovery procedure has unique characteristics, the underlying principles are always the same. Creditors have no access to their belongings whilst their reluctant counterparts cannot, will not, or simply do not want to restore such access. This unfair situation comes at the expense of the creditor who is left in the dark about the future prospects of access to their finances.

Dominica offshore IBC’s are often used by international professionals, solo-entrepreneurs and small business owners. Their core activities require dedication and attention. They often use a singular financial institution to execute all their transactions or control their investments. Since entrepreneurship starts from the point of positive expectations and business planning, and the growth and maintenance of the venture requires focus and effort, the potential failure of a business partner is often neglected and downplayed. Recent events in the global financial industry revealed systemic weaknesses. Bank failure, investment fraud and other loss of money is therewith a serious concern for Dominica offshore IBC’s.

Bank failure, investment fraud and other potential loss of money needs strict attention. Most Dominica offshore IBC’s and their owners do not realize that matters of asset recovery, corporate resolution and insolvency take time and often have disappointing outcomes. The complexity and cross-border nature of offshore banking and international investing further prolong the recovery. But that is not all. It is mission critical for creditors in bank failure and investment fraud to participate in every recovery option available. Assets are realized, distributed and closed in detached portions without further recourse. This means that once payments are distributed, disqualified creditors and those that missed procedural requirements and deadlines are unable to reclaim parts of this isolated recovery.

The above reveals that offshore bank failure and investment fraud contains risk and may trigger heavy financial losses. Asset recovery for offshore companies is a serious matter, often more complicated than traditional procedures. Therefore, creditors should not take such situations all too lightly when they occur. 

Dominica Asset Recovery

Beneficiaries of Dominica offshore companies and IBC’s can experience several losses caused by bank failure and investment fraud. To avoid substantial write drowns and maximize their recovery potential, creditors should follow appropriate yet proven asset recovery plans. Dominica asset recovery plans therewith include the compliance with domestic frameworks, complimented with private civil actions and possible participation in international criminal forfeiture plans.

Is the bank account of your Dominica offshore company closed? Has your Dominica IBC lost money in bank failure or do you feel wronged by your financial adviser or investment program, feel free to complete the contact form below to discuss your case and see whether it can be solved.

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