Case Study 12
We recovered £600k in 12 days after the ledger was previously pursued for 5 months
summary
We successfully recovered £600k working for an Insolvency Practitioner to recover 100% of the instructed debt of a Machine Supply Business in the South East.
Facts
Following a Pre-Pack Administration, the administrators had appointed the New Company to recover debts from 50 debtors, totalling £800k.
Two debtors made up 75% of the ledger, nearly £600k.
The New Company had not been successful over a 5-month period in recovering anything.
actions
Credebt took over the recoveries and chased the New Company for the information required to chase the debts.
Initially the information was only provided for the top 2 debtors, so it was agreed that they would be worked on first.
Results
Credebt recovered the full £600k within 12 days of being provided with the books and records for the top 2 debtors.
The remaining books and records are still being pursued from the New Company, but the IP was extremely happy with the result from the top 2 debtors in such a short space of time.
Main Debt fully recovered
recovered
How can we help?
Credebt provide a full range of expert Receivables Management Solutions to the Insolvency Profession, the Invoice Finance Industry, Turnaround Practitioners, advisers and their clients, from full sales ledger recovery to outsourced credit control.
For more information about how we can help call 08456-6385256
or email our MD, Glen Morgan at glen@credebt.co.uk
“I have instructed Credebt on several occasions and have always been happy with the results. Credebt are out on site quickly and provide feedback as soon as they are on site. Very useful for both in-life cases and new business opportunities.
I would have no hesitation in recommending the Credebt Team for Risk Management and Receivables Management work.”
Get In Touch
We work for Invoice Finance companies, Insolvency Practitioners and Turnaround Specialists throughout the country. If you would like us to contact you to discuss our services please send us your details.
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