Recover Debt from Thailand company

[AndyMi]

Dear all, i have trouble with debt  from a company in Thailand and need your advice.

 

Our company have been doing business with a Thailand company for years and we often pay deposit in advance to buy from them. They are trading company, not factory.

To the end of last year, they no longer have goods source, and break a contract. Now we're trying to recover the deposit from them about 80.000 USD. Which solution is best for us?.

I'm thinking about sue them in court but afaird they will cheat by make bankruptcy.

 

Thanks for your time in my case.

 

[worgeordie]

You should have used Letter of Credit,issued by your bank,

they deliver the goods,they get paid,don't deliver, no payment.

What do they say about the situation.

regards Worgeordie

[AndyMi]

Hi Worgeordie, thanks for your advice

they said that they have problem with their end supplier and trying to collect money. The commodity price went up while we doing contract so i think they're playing some thing. they sign a commiment to refund but it already overdue and we have not reveived money yet.