I need some urgent advice on how I may proceed with this matter.
I have a (former) friend who decided to construct a large catamaran for charter in La Boca De Cumayasa (near San Pedro de Macoris) . He asked me to invest in the project , which I declined to do.
I did agree to lend him and his business partner ?70,000 Euro (approximately 4 million Peso) for a few years. I also purchaced and paid for, a large amount of electrical and other parts in the USA and Europe for the boat. Due to several cost over-runs etc. I lent several subsequent sums of money and spent 7 weeks doing the electrical and electronic installaion on the catamaran in December 2012/ January 2013. Eventually after lending several subsequent amounts of money I was owed almost ?240,000 (approximately 13.7 million Peso) by the end of last year.
The boat was eventually completed in May 2013 and commenced charter work in July 2013. I agreed to delay repayment until January 2014 and after that ?5,000 (287,000 Peso) per month. I eventually received 2 payments in March and May of this year amounting to ?7,088 (405,000 Peso) and nothing since then. I have e-mailed several times during the last few months and received no replies. I have spoken to him today on SKYPE and he has basically told me that charter works scarce and to go away and stop annoying him.
I am very very worried and have only a relatively small amount of money left to pursue this. The catanaran is registered in the DR an he is now permanently living there. I have all the documentation of the money transferred and the parts purchased for the boat.
I speak only a little Spanish and know nothing about Dominican law.
Can anyone tell me what my options are?
Can I have the boat detained until the debt is paid?
Does anyone know how I can contact the shipping registrar in the DR?
Am I likely to be succesful using a debt collection agent in the DR?
Any help or guidance would be really appreciated. I have some money still available but it is limited and I don't want to throw good money after bad unless I am sure of a positive result.
I have a (former) friend who decided to construct a large catamaran for charter in La Boca De Cumayasa (near San Pedro de Macoris) . He asked me to invest in the project , which I declined to do.
I did agree to lend him and his business partner ?70,000 Euro (approximately 4 million Peso) for a few years. I also purchaced and paid for, a large amount of electrical and other parts in the USA and Europe for the boat. Due to several cost over-runs etc. I lent several subsequent sums of money and spent 7 weeks doing the electrical and electronic installaion on the catamaran in December 2012/ January 2013. Eventually after lending several subsequent amounts of money I was owed almost ?240,000 (approximately 13.7 million Peso) by the end of last year.
The boat was eventually completed in May 2013 and commenced charter work in July 2013. I agreed to delay repayment until January 2014 and after that ?5,000 (287,000 Peso) per month. I eventually received 2 payments in March and May of this year amounting to ?7,088 (405,000 Peso) and nothing since then. I have e-mailed several times during the last few months and received no replies. I have spoken to him today on SKYPE and he has basically told me that charter works scarce and to go away and stop annoying him.
I am very very worried and have only a relatively small amount of money left to pursue this. The catanaran is registered in the DR an he is now permanently living there. I have all the documentation of the money transferred and the parts purchased for the boat.
I speak only a little Spanish and know nothing about Dominican law.
Can anyone tell me what my options are?
Can I have the boat detained until the debt is paid?
Does anyone know how I can contact the shipping registrar in the DR?
Am I likely to be succesful using a debt collection agent in the DR?
Any help or guidance would be really appreciated. I have some money still available but it is limited and I don't want to throw good money after bad unless I am sure of a positive result.