CIS DRS
PORTFOLIO DEBT RECOVERY FOR SOFTWARE DEVELOPMENT COMPANY
Creditor:
The seamless steel tube & pipe enterprises with a network of manufacturing plants
Debtor:
Energy company is one of the largest in the world
Case type:
B2B case
Our client is one of the Export Credit Agencies in Europe. The aim is to support local European exporters in their shipments outside the EU through insurance. In case of export contract breach the insurer hires professional teams of debt recovery lawyers to handle cases and negotiations.
Typical debt collection case may look like the following. Creditor has signed an agreement for shipment with foreign importer. They start to do business successfully until the due date for the invoices comes. Traditionally the exporter tries to handle the case by himself. However, having an insurance company send the request to be indemnified and receive necessary funds.
By receiving such a request insurance companies try to settle disputes and to recover the debt amount before the indemnification. One of such cases was about quite big infrastructure project financing in Paraguay. Importer bought special equipment and as per the contract specifics should pay monthly installments. The overall contract value was several million USD.
However, due to some unpredictable conditions and poor project timeline planning the debt occurred. A team of international lawyers from CIS DRS was enrolled to handle the case and negotiations. The task was to recover unpaid invoices and follow up further payments in time. We understood that the mentioned case was a specific case due to many counterparties and factors influenced on payments by the debtor. Moreover, the debtor and the creditor were on two different continents and time zones. So the decision was to coordinate a team of lawyers from Europe and from Latin America. Such an approach finally led to the result.
At the first stage debt collectors have studied all documents related to the case and the debt. Information research was one of the key stages in dispute resolution as the debtor tried to avoid the communication having in mind that the creditor is far away in another country. CIS DRS team has managed to fing all necessary information about the debtor, business profile, commercial activity and financial conditions. Having this information lawyers started to build the strategy of successful debt collection.
On the next stage we have entered into communication with the debtor having analyzed the situation, having all necessary office contacts, website and corporate profiles in social networks. Following the result of such negotiations, our team has prepared an official letter of demand and sent it to the debtor. As a result - communication was established and our team managed to receive written confirmation concerning the debt coverage by the debtor. It was agreed with the client that an effective payment plan should be developed and followed. Lawyers followed up the payments from the debtor and timely informed the creditor about the installments.
Having provided such service, the client asked our team to assist them in chasing other pending invoices until the agreement is completed in full.
To sum it up our lawyers developed individual case strategy taking into account local specifics of the debtor, arranging an international team to handle the case, and delivering timely reports concerning the payment to the client. As a result payments were done successfully.
Typical debt collection case may look like the following. Creditor has signed an agreement for shipment with foreign importer. They start to do business successfully until the due date for the invoices comes. Traditionally the exporter tries to handle the case by himself. However, having an insurance company send the request to be indemnified and receive necessary funds.
By receiving such a request insurance companies try to settle disputes and to recover the debt amount before the indemnification. One of such cases was about quite big infrastructure project financing in Paraguay. Importer bought special equipment and as per the contract specifics should pay monthly installments. The overall contract value was several million USD.
However, due to some unpredictable conditions and poor project timeline planning the debt occurred. A team of international lawyers from CIS DRS was enrolled to handle the case and negotiations. The task was to recover unpaid invoices and follow up further payments in time. We understood that the mentioned case was a specific case due to many counterparties and factors influenced on payments by the debtor. Moreover, the debtor and the creditor were on two different continents and time zones. So the decision was to coordinate a team of lawyers from Europe and from Latin America. Such an approach finally led to the result.
At the first stage debt collectors have studied all documents related to the case and the debt. Information research was one of the key stages in dispute resolution as the debtor tried to avoid the communication having in mind that the creditor is far away in another country. CIS DRS team has managed to fing all necessary information about the debtor, business profile, commercial activity and financial conditions. Having this information lawyers started to build the strategy of successful debt collection.
On the next stage we have entered into communication with the debtor having analyzed the situation, having all necessary office contacts, website and corporate profiles in social networks. Following the result of such negotiations, our team has prepared an official letter of demand and sent it to the debtor. As a result - communication was established and our team managed to receive written confirmation concerning the debt coverage by the debtor. It was agreed with the client that an effective payment plan should be developed and followed. Lawyers followed up the payments from the debtor and timely informed the creditor about the installments.
Having provided such service, the client asked our team to assist them in chasing other pending invoices until the agreement is completed in full.
To sum it up our lawyers developed individual case strategy taking into account local specifics of the debtor, arranging an international team to handle the case, and delivering timely reports concerning the payment to the client. As a result payments were done successfully.
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OTHER CASES:
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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
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
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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.
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