CIS DRS
INTERNATIONAL DEBT RECOVERIES OF SOFTWARE LICENSES
Creditor:
leading provider of financial market data and infrastructure
Debtor:
company from oil industry in Uzbekistan
Case type:
B2B, software licenses payments
Our client and a creditor is one of the leading providers of financial market infrastructure and data. The debtor is a well-known company in Uzbekistan from the oil and energy industry. Let's start with the brief description for the business model of our client. It is as follows: they provide a license to special software for data analysis, reports and necessary cloud calculations and solutions. Licenses are purely B2B. Companies may submit for the licenses and pay after. Billing is made in different ways for the convenience of customers. One of the billing options is payments after using the data. This helps subscribers to receive quick access and receive necessary information asap. However, this causes issues with pending invoices.
Data Provider having a wide range of subscribers in different countries required a solution for the global portfolio of pending invoices. CIS DRS has been chosen as a subcontractor with the flexible and reliable workflow. It was specially developed for the client as to the necessary requirements. Language, centralized reporting center, incoming lines, information call, chasing scripts, reminders and negotiations strategies - all of these points we carefully discussed and developed for successful collections.
So, let's get back to the case mentioned in the beginning. Once we received the case, our lawyers immediately set to work and notified the debtor that an international law firm was now handling the case. This action is done in this particular case as well as in others. As a result of daily hard work we were able to contact the management of the debtor directly. We were informed about the problems of financing from the state, but at the same time they confirmed the debt. Debtor tried to convince us that they didn't receive the necessary payments from governmental companies.
Our team kept pushing the debtor. However, the debtor has changed. Thus, our lawyers carried out work on documenting the obligations between the parties and fixing the debt in writing. Additional difficulties arose in the process of reconciliation of the debt and relevant documents in the document management system and the ERP of the debtor. Information about the debt was incorrectly entered into the database. This made it impossible for the new debtor to pay it. However, during the negotiation process, a mechanism was found to solve such a problem. It should be noted that such complex projects take time. It took us about 2 years to collect this contract and follow up the deal. Additionally, we were forced to apply to the Ministry of Energy of the Republic of Uzbekistan in order to control the fulfillment by the debtor of its financial obligations.
Anyway, following the best practice and our values of excellent client service, creditor received a solution for the recoveries globally. Despite the portfolio amount and the size, our lawyers work on a case level and go deep into the specifics and follow all necessary efforts to reach the performance.
Data Provider having a wide range of subscribers in different countries required a solution for the global portfolio of pending invoices. CIS DRS has been chosen as a subcontractor with the flexible and reliable workflow. It was specially developed for the client as to the necessary requirements. Language, centralized reporting center, incoming lines, information call, chasing scripts, reminders and negotiations strategies - all of these points we carefully discussed and developed for successful collections.
So, let's get back to the case mentioned in the beginning. Once we received the case, our lawyers immediately set to work and notified the debtor that an international law firm was now handling the case. This action is done in this particular case as well as in others. As a result of daily hard work we were able to contact the management of the debtor directly. We were informed about the problems of financing from the state, but at the same time they confirmed the debt. Debtor tried to convince us that they didn't receive the necessary payments from governmental companies.
Our team kept pushing the debtor. However, the debtor has changed. Thus, our lawyers carried out work on documenting the obligations between the parties and fixing the debt in writing. Additional difficulties arose in the process of reconciliation of the debt and relevant documents in the document management system and the ERP of the debtor. Information about the debt was incorrectly entered into the database. This made it impossible for the new debtor to pay it. However, during the negotiation process, a mechanism was found to solve such a problem. It should be noted that such complex projects take time. It took us about 2 years to collect this contract and follow up the deal. Additionally, we were forced to apply to the Ministry of Energy of the Republic of Uzbekistan in order to control the fulfillment by the debtor of its financial obligations.
Anyway, following the best practice and our values of excellent client service, creditor received a solution for the recoveries globally. Despite the portfolio amount and the size, our lawyers work on a case level and go deep into the specifics and follow all necessary efforts to reach the performance.
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