CIS DRS
GLOBAL SUBCONTRACTOR FOR COLLECTION AGENCIES
Creditor:
Provides services of LED design and multimedia systems in sports arenas
Debtor:
local company handling the project of LED equipment installation
Case type:
B2B, Creditor–>Agency–>CISDRS (subcontractor)
The list of clients may also be represented by debt collection agencies focused on the local market. Described case is about the successful cooperation between our lawyers and the local collection agency (DCA) who requires a global solution in collections. Actually they became our client serving their customers-creditors at the same time. Mentioned DCA is a highly reputable company in the APAC region that is dealing with the debt management for local businesses. As local businesses expand their sales abroad they need assistance in handling accounts receivables there.
The client has reverted to us with the request to assist with the debt collection of outstanding balances for inspection, verification, testing and certification services in numerous regions, such as EU, MENA and LATAM. Their key customer required debt recovery services for B2B claims in many countries.
That is why our experience and expertise was useful in the overall process. We agreed the workflow and specially designed it as to the requirements of our client (DCA) and the creditor. The key challenge was to apply the reporting standard and the information exchange in an efficient way together with meeting the regulations and legislative requirements. Our team has drafted debt negotiation scripts in various languages and successfully used them later. Proof of payment confirmation has been also integrated in accordance with the creditors’ requirements: exchange format, form of the request etc. This helped us to serve a portfolio of cases with many information exchanges concerning recoveries.
Implemented workflow increased the efficiency of collection efforts and performance. So we managed to combine interests of the creditor (to obtain recoveries) and DCA (to receive a reliable solution for global collections). Moreover, our client added new creditors to the scope of the work. So the mentioned cooperation is currently continuing and we believe in long term relationships.
The client has reverted to us with the request to assist with the debt collection of outstanding balances for inspection, verification, testing and certification services in numerous regions, such as EU, MENA and LATAM. Their key customer required debt recovery services for B2B claims in many countries.
That is why our experience and expertise was useful in the overall process. We agreed the workflow and specially designed it as to the requirements of our client (DCA) and the creditor. The key challenge was to apply the reporting standard and the information exchange in an efficient way together with meeting the regulations and legislative requirements. Our team has drafted debt negotiation scripts in various languages and successfully used them later. Proof of payment confirmation has been also integrated in accordance with the creditors’ requirements: exchange format, form of the request etc. This helped us to serve a portfolio of cases with many information exchanges concerning recoveries.
Implemented workflow increased the efficiency of collection efforts and performance. So we managed to combine interests of the creditor (to obtain recoveries) and DCA (to receive a reliable solution for global collections). Moreover, our client added new creditors to the scope of the work. So the mentioned cooperation is currently continuing and we believe in long term relationships.
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OTHER CASES:
INTERNATIONAL DEBT RECOVERIES OF SOFTWARE LICENSES
Creditor has provided the debtor with the license for data analysis access. Debtor company didn't manage to cover outstanding payments in time. Moreover during the collection process the debtor company was reorganized. Lawyers had to protect the client from other creditors, had to support the creditors claims during the reorganization and follow up the payment schedule. Finally the debt was covered in full.
ACCOUNTS RECEIVABLE PORTFOLIO RECOVERIES FOR HOTELS BOOKING SOLUTIONS
The client has reverted to us with the request to assist with the debt collection of outstanding balances for inspection, verification, testing and certification services in numerous regions, such as EU, MENA and LATAM. Their key customer required debt recovery services for B2B claims in many countries. Our team has drafted debt negotiation scripts in various languages and successfully used them later. Proof of payment confirmation has been also integrated in accordance with the creditors’ requirements: exchange format, form of the request etc. So we managed to combine interests of the creditor (to obtain recoveries) and DCA (to receive a reliable solution for global collections)
DEBT COLLECTION IN EUROPE FOR CREDITOR FROM CHINA
Debt Collection in Europe for Creditors from China provides a comprehensive solution for Chinese businesses looking to recover outstanding debts from European clients. Our team of experienced debt collectors utilizes effective methods
COMMERCIAL CREDIT COLLECTION FOR TUBES MANUFACTURER
Debtor (a local seller) entered into the agreement with the creditor (from China). Creditor is an international chain with many brands. Once shipment has been made the debtor should pay the necessary invoices. However, the debtor made a very slight delay in payment for the delivered products and our team was hired to investigate the opportunity to pay timely. It became a complex project due to the necessity to save the relationships between parties and to arrange timely payments. Our lawyers have developed the collection workflow. It should be also noted that the most important part has been agreed - the reporting standard. Client timely receiving all necessary reports regarding the collection progress. Our lawyers managed to convince the debtor's management to pay overdue invoices as soon as possible in order to continue cooperation with the supplier. As a result our client received USD 312K within three weeks
PORTFOLIO DEBT RECOVERY FOR SOFTWARE DEVELOPMENT COMPANY
Our client is ranked as the world’s fifth in the complete production process of iron-making, steel-making, tube rolling and further processing. Obviously such activities are supported by many shipment agreements of exported products. Unfortunately not every and each customer (importer) follows the agreed terms of payment. In the case below the Debtor’s company is one of the largest energy companies in the world. The parties have added the clause that established the obligation of a state-owned company in a country of the debtor to cover the outstanding amount instead of the debtor in case of delay. Since the contract was bilateral, this made the above clause invalid. Our lawyers did their best to pushing the debtor to pay the debt or to give a schedule for the debt repayment. The debtor company started to pay money according to the confirmed schedule
INTERNATIONAL PORTFOLIO DEBT COLLECTION
Due to the poor payment discipline, the recovery of debts in the high-risk regions and countries arose. Therefore, the creditor has engaged us in the debt collection process. So our team of lawyers has been forced within a number of challenges: how to build effective AR portfolio management, information research and timely reporting. Of course the core task was to collect and recover as much as possible and as fast as possible. Effective written communication and in person negotiations gave great results and we managed to overcome expectations of the client in recovery rates. So we currently manage debts once the pending invoice is overdue
DEBT RECOVERY IN PARAGUAY FOR CREDITOR FROM EUROPE
Our client handles more than 5 million orders annually. We have advised the client on dispute resolution with its customers. When invoicing issues or issues regarding the contract arose, our team assisted our client in debt restructuring worldwide. Of course, the global character of the debts required to work within local teams or lawyers to assist our client. We believe that this task was successfully completed. Or the creditor received a “one window” approach for collection cases allocation and coordination. All other efforts were managed with lawyers inside our network
COLLECTION OF GLOBAL B2B DEBT PORTFOLIO
Our client is a travel fare aggregator and travel metasearch engine for lodging reservations. Client works with companies in more than 230 countries globally. More than 1,5 million operations are handled daily. So there is a necessity to check, control and recover a portfolio of unpaid invoices to secure cash flows. We have been representing creditor throughout the world. The sole factor in this deal is that we had to conduct communication with the debtors (legal entities) in different languages in 80 countries. Our lawyers have developed the collection workflow. More than 15,000 of claims from the debt portfolio we successfully restructured.
COLLECTION OF INSURED EXPORT COMMERCIAL DEBTS
The debtor was located in one of CIS countries. At the very beginning the deal was typical: exporter from pharmaceutical industry agreed with the importer from CIS country a shipment of goods. The deal was insured by our client. However, the importer was not able to pay in time. Debt occured. CIS DRS was enrolled as a recovery subcontractor to handle the dispute. Lawyers effectively managed to collect the debt in a particular case.