Southampton Container Logistics Limited (SCL) was placed into administration on 10 February 2015, following which Debtcol received instructions from ABN AMRO to collect approximately £800,000 owed to the company by a large number of debtors.
Within 8 weeks Debtcol was able to settle the indebtedness of ABN AMRO in full.
Andrew Thompson, Manager of ABN AMRO`s Financial Restructuring & Recovery Team, commented “I am delighted that the debt has been collected so quickly”.
Debtcol has extensive debt collection experience within the transport sector and given it`s close association with the administrators, Portland Business Support & Advice, was perfectly placed to maximise the recoveries.
During the initial discussions with ABN AMRO, Debtcol was able to clearly identify the bank`s requirements and working with the administrators, Debtcol was able to put together a strategy which involved, from the outset, working with the some of SCL`s existing staff.
Drawing upon the knowledge of the relevant staff, Debtcol was able to consider the position with each of the company`s debtors allowing for a bespoke collection process.
The collection process involved general credit control, but also included working with the company’s customers to resolve any outstanding queries to ensure that payments due to the company were not delayed.
In addition to the general collections, Debtcol were able to use their debt collection experience to resolve a number of disputes relating to claims for 'set off', lost and damaged goods, late delivery and a claim for demurrage charges.
As with all of Debtcol`s instructions, good communication and managing the expectations of all interested parties was key.
In addition, Debtcol benefited from a very good working relationship with ABN AMRO, who ably supported them throughout the collection which assisted in the bank making a full recovery.
For further information or if you need help with debt recovery please speak to us