Extending credits to sole proprietors and partnerships

[foofam77]

Hello, i am based in Singapore.

My Singapore-based company extend credits to sole proprietors and partnerships in Singapore.

I am concerned that what if one day, these parties pass on or run away from Singapore, what type of legal recourse would i have?

Assuming they pass on:
a) how can my Company goes about claiming the outstanding dues from the dead's estate?

Assuming they run away:
a) any recourse to take to claim the outstanding dues?

To prevent such risks from happening, i am thinking along the line of aving these sole proprietors and partnerships obtain bankers' guarantees (BG) before they can trade with us.

Any one has any advise on such BG and would it really work?
Pls advise. thank you