The Young Entrepreneurs Association Brunei (YEAB) recently hosted the second session of its workshop series, “YEAB Workshop II: How To Recover Outstanding Payments,” at Mavens’ Hive in Kiulap.
The session was a valuable opportunity for Brunei’s young entrepreneurs to learn effective strategies for managing debt recovery and safeguarding their businesses’ financial health.
Led by Aziimah Hambali, partner at Hasnah Hassan & Associates and legal secretary to YEAB, the workshop provided attendees with critical insights and actionable advice on navigating debt recovery challenges.

The session emphasised several key takeaways:
1. Restructuring Debt Recovery Goals – Participants were encouraged to prioritise securing payments within reasonable time frames rather than insisting on full upfront settlements.
2. Streamlining Processes – The workshop highlighted the need for efficient systems, such as standardised reminders and documentation, to minimize costs and resources.
3. Understanding Debtors – Attendees explored the importance of assessing debtors’ financial situations to gauge payment feasibility and identify default risks

4. Effective Communication – Open communication and negotiation were stressed as vital for establishing mutually agreeable payment plans.
5. Legal Safeguards – The significance of Letters of Undertaking (LOUs) was explained, with guidance on how they can be used to enforce payment plans and mitigate risks.
6. Risk Mitigation – Strategies such as conducting thorough due diligence, obtaining third-party guarantees, and including spousal liability were discussed as proactive measures.
7. Timely Action – Participants were reminded of the importance of prompt action when addressing contract breaches, along with an overview of Brunei’s legal procedures and limitation periods

The interactive workshop encouraged participants to engage in discussion and explore creative, empathetic approaches to debt recovery. It also underscored the importance of improving payment systems, contracts and documentation to prevent disputes and ensure smooth business operations.
The YEAB Workshop series continues to provide practical tools and knowledge to empower Brunei’s young entrepreneurs. By addressing real-world business challenges, YEAB reinforces its mission to nurture a resilient and innovative entrepreneurial community in the country.
Stay tuned for more workshops and events from YEAB. For more information, visit our website or follow us on social media.

THE BRUNEIAN | BANDAR SERI BEGAWAN