Easing debtor insolvency fears – Engineering Company
Particularly in today’s economic climate, where business insolvency is increasingly common, there’s often a concern that a customer who has failed to meet your agreed credit terms could be about to go under.
Whilst chasing customers for monies owed can be challenging enough, insolvency proceedings can make this task particularly time-consuming and therefore costly, making a specialist debt collection agency a highly beneficial resource.
Concerned that several invoices of varying amounts hadn’t been paid on time by a single – and evasive – customer, the precision engineering company instructed Hilton-Baird Collection Services to collect the full amount, totalling £3,000.
Immediate credit checks confirmed the extent of the financial problems that particular customer was experiencing and, although the directors indicated their desire to keep the business going, it was clear that our award-winning team would have to move quickly to maximise the return for our client.
Using extensive experience, the Hilton-Baird team liaised closely with the customer to explain the potential repercussions of failing to settle the debts and established a repayment plan that satisfied the needs of their business and our client.
The total amount was paid in three instalments over the course of three months, easing the cash flow concerns of the engineering company and allowing them to focus on securing new business.
If your business is in a similar situation contact us on 0800 9774848 or collections@hiltonbaird.co.uk to see how we could help. Alternatively get a quick quote to find out what we’d charge should we successfully recover your unpaid invoices.
