Creditor

A creditor is a person or company that has a claim against another party.

A receivable is a synonym for a legal claim or entitlement - and is typically financial in nature. However, a claim does not necessarily have to be financial; it can also be in the form of a prize, a physical thing, an object or a service.

The word creditor is often used in older legislation, for example in the law of obligations, the Bankruptcy Act and the Administration of Justice Act, while in more recent legislation the term creditor is more often used.

In classic accounting and debt collection, creditor is synonymous with creditor - an individual or company that has a claim against a debtor.

What is a claim?

The word receivable is synonymous with the word claim - and thus a receivable is the claim that a creditor has against another company or individual.

Basically, a claim can be any type of claim between two or more parties, but in practice is often a financial balance - for example, an unpaid debt, an unpaid credit or an unpaid invoice.

In the case of a financial claim, the synonym for a receivable is receivable.

Collection by a debt collection agency or debt collection lawyer for the creditor

If you are a creditor and have one or more unpaid claims with debtors, there are many options for recovering your claims.

Collection by a debt collection agency or a debt collection lawyer can be an effective solution.

Debt collection companies and lawyers specialize in helping creditors streamline their collection processes, impose and collect the correct fees, and handle all aspects of debt collection.

In Denmark, there are over 100 small and large debt collection companies that can help you - and all lawyers are allowed to handle debt collection cases. Many lawyers call themselves debt collection lawyers.

However, be aware that not all lawyers offer debt collection as a regular service, and some debt collection lawyers may have requirements regarding the size or number of cases.

The same goes for some debt collection companies.

Self-collection as a creditor

If you are a creditor and have a financial claim against a customer - for example, an invoice claim - there are good opportunities in Denmark to handle all or part of the debt collection process yourself.

This is called self-collection - where the creditor is responsible for collecting the debt without the help of a debt collection agency or lawyer.