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Are you in a similar situation to our clients?
If so, get in touch to find out how we can help you.
Are you in the engineering industry? We have put together a selection of case studies from clients we have helped within the engineering industry.
Automation for the Agricultural Industry
Debt: £77,000
Challenge: Our client provides automation systems for the farming industry. A system had been installed by our client but the invoice for the work remained unpaid for over 12 months. A dispute had arisen in respect of the system requirements and the scope of the purchase order, resulting in non-payment of the entire debt.
Solution: Upon our instruction, we reviewed the initial contract and purchase order to establish, with the debtor, which elements were undisputed and the exact nature of the disputes, which up until now had not been precisely detailed. With dialogue open, we continued negotiations to reach an amicable settlement.
Result: Within one month of instruction, we secured a payment of £47,000, plus the part return of goods which could be reused by our client.
Precision Engineering Services
Debt: £8,300
Challenge: Our client provided precision engineering services to a customer in the Marine industry. Payments were historically slow and whilst the account had reduced, no payments had been received for 2 months and the invoices ranged from 3 – 6 months old.
Solution: We engaged with the debtor both at a local office level and Head Office. During our communications, we stressed upon the debtor that our client had been understanding to date but that they could not allow this to continue unaddressed any longer. The implications of non payment were made clear, both in terms of costs and the next steps. Agreement was reached for payment to avoid a Winding Up Petition.
Result: £9,600 received within 14 days. Payment in full, plus costs and interest.
Engineering
Debt: £36,000
Challenge: Our client provided engineering services to an international company based in Asia and the US. Various invoices totalling £36,000 had been outstanding for 12 – 18 months with no apparent reason for non-payment.
Solution: Initial engagements with the debtor went unanswered. As our process escalated it became clear the company was in financial difficulty. In addition, they had various queries in respect of the paperwork which needed to be resolved. Evidence that payment was due was produced, however, the company then filed for Chapter 11 bankruptcy in the US and advised payment could not be made. On review of the insolvency paperwork, it was established that supplier payments must be paid in full and therefore, we continued to pursue via the Asian arm.
Result: After several weeks of chasing, payment of £36,000 was received in full.
MEP Design Services
Debt: £25,000
Challenge: Our client provided MEP Design Services on a number of contracts. The account was 60 days overdue and our client was unable to make any progress with obtaining payment.
Solution: My Debt Recovery engaged with the debtor and identified the area of dispute. Issues resolved to allow payment to be made.
Result: Payment in full of £25,000 within 10 days.
If so, get in touch to find out how we can help you.
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