Working quickly to maximise the recovery
What makes Hilton-Baird such a proficient commercial debt collection agency is the team’s experience gained through its collections activity on behalf of the UK’s leading banks and independent funders.
Generally, these ledgers provide some of the most challenging sets of circumstances that Hilton-Baird must overcome to ensure a successful recovery of the monies owed, often due to a high concentration of insolvent debtors – something that SMEs and corporates are increasingly having to come to terms with in the current climate.
The team was instructed to recover a ledger on behalf of one of the high street clearing banks. Its client was a steel stockholder whose debtors comprised of steel fabricators, an industry that has recently been suffering with severe cash flow pressures and a high level of insolvency.
Indeed, debtor insolvency was the biggest issue with this particular ledger, meaning Hilton-Baird had to act quickly to ensure our client was at the front of the queue for payment.
By uploading the ledger onto our in-house system within 24 hours of being instructed, the team was able to contact all debtors by post immediately and by telephone inside the next 48 hours.
Working closely with the company’s ex-directors, the team sought to understand their reasons for non-payment, address any disputes and partake in joint customer visits to inspect any faulty products that led to the query in the first place.
This approach ultimately allowed us to negotiate settlement offers that were fair and achievable, resulting in the recovery being maximised. To date, more than 70% of the overall ledger has been recovered.
