Macro data from the Italian chemical sector
According to data from the Economic Observatory of the Ministry of Foreign Affairs and International Cooperation, Italian chemical industry sector records more than 120.000 employees. Indeed, Italy is the third player in EU (after Germany and France) and EU is the second largest producer, after China. The sector has been able to seize the opportunities offered by the opening to global markets in a timely manner, managing to react efficiently to the crisis in domestic demand over the past decade.
In the last thirty years the share of exports in turnover has increased by about 30 percentage points recording the second highest incidence of exporting companies on the total (54%). This is also due to the massive entry into the sector since the nineties of companies with foreign capital, which today make up about a third of total exports.
Particular attention should be paid to the micro-sector of fine and specialized chemicals. Their exports have recorded a performance of +18% in the last three years. This mainly thanks to the increase in sales to emerging markets such as China, and Turkey, while at the same time confirming its market shares towards the European and US markets.
Debt collection abroad
The constant increase in exports of the chemical sector creates new opportunities but also new risks for our companies. Indeed, in the event of the insolvency of foreign counterparts, the entrepreneur has to face not only the non-collection of invoices, which causes an inevitable shortage of liquidity that affects the ability to repay debts, but also huge costs for legal actions. However, there is a lower probability of recovery. In fact, the costs charged by foreign law firms, especially in Anglo-Saxon countries, can reach exorbitant figures (in the USA, for example, the average lawyers’ fees are in the order of $1000 per hour). Besides, companies have to face critical issues connected to different laws, languages and political scenarios.
To collect your international credit, rely on Invenium Legaltech
Thanks to the experience and prestige gained from the support of over 10,000 client companies around the world over 25 years, and the technological contribution made by the innovative startup Invenium Legaltech, MyInvenium was born. This app is a digital platform also accessible to SMEs able to provide the creditor company – in an instant logic – with a complete picture of a complex matrix of risks.
With MyInvenium we make it easier for exporters and companies to start debt collection activities in Italy but especially abroad. Our full-digital platform provides you with analysis and information even before you are our customer. This thanks to artificial intelligence, that use models to determine prices and duration of the assignment for your specific credit (our success fees also decrease over time). If you agree with our proposal, you can sign the collection mandate with an electronic signature.
At your service you will have a team of excellence, made up of 250 lawyers and credit managers operating in over 100 countries around the world, able to support you in all your debt management and recovery needs.
We operate through a highly specialized team. We structure the out-of-court activity mainly with a view to success fees (charge only in the event of partial or total recovery), in order to minimize the initial outlay that you will have to incur to start the credit recovery operations and sharing the risk of the same with you.
Our modus operandi is based on a proactive approach with the debtor, formalizing the client’s requests, initiating a direct confrontation on any disputes and always preferring the stipulation of a fully satisfactory out-of-court agreement.
If this is not possible, our legal partners on site will take legal action, identifying in synergy with our credit managers the best judicial strategies in relation to the specificities of each individual case.
Analysis by Dr. Edoardo Scarzella, legal department, Invenium Legaltech
