Building & Construction
We were contacted by an accountant who had a client ready to retire. His client wanted to recover the debts owing to his construction business before selling it to a 3rd party.
We were given a ledger of 39 debtors with a total due of $180,000. Many of these invoices were either old, disputed or contact information had changed.
Over a period of 6 months, we recovered close to 70% of the book debt with the balance being either settled or written off for various reasons. This ledger involved a lot of background work. We were required to gain an understanding of the business we were acting for as well as locate debtors. We were required to act as mediator in the disputed debts and resolve issues surrounding the reasons for non-payment.
These debts were a mix of Company and Consumer debt which has different rules and processes to be adhered to. The accountant and his client were very appreciative of the effort it took to recover these funds and advised we had exceeded their expectations.