Case Study 3

Working jointly with the Insolvency Practitioner to exceed expectations

summary

We successfully recovered 88% of the true Ledger Value on behalf of a major Funder when a (very) high-profile PR firm went into Administration.

Facts

We were instructed by the Insolvency Firm with agreement from the Main Bank.

The firm owed £4m to the Bank on a £7.5m ledger with over 200 Debtors. The top 15 Debtors made up over £5m of the Ledger and had extensive queries and issues which would prevent payment.

The Bank accepted on day one that a substantial write off was therefore likely, as a large amount of the Ledger was old and under query and substantial reputational impact would prevent collection in this very high-profile case.

actions

We worked jointly with the IP and agreed that the top 15 Debtors would be dealt with by them, with on-site support from retained staff.

Credebt would therefore deal with the remaining 185 Debtors with a value of £2.5m.

We assigned 2 senior staff members to work on this challenging case.

We secured full remote access to banking, invoicing and back-up systems on day one. We were on-site regularly to resolve queries and to meet with the on site team to discuss progress.

 

Results

We collected £2.2m from the £2.5m Ledger under very challenging circumstances, and completed the whole collection in under 4 months.

The Bank and the IP were delighted with the outcome as far less had been expected.

£2.2 Million Recovered

%

of Ledger Value

How can we help?

 

Credebt provide a full range of expert Receivables Management Solutions to the Insolvency Profession, the Invoice Finance Industry, 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 the Credebt team on several matters and they have always achieved the desired results. They have moved quickly to maximise the realisations in difficult circumstances, and I would therefore highly recommend Credebt’s services.

Jonathan Bass - Menzies LLP

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