Following the liquidation in early August 2023 of a UK based print firm Babr debt solutions were approached by the liquidator to manage the open book debt and ensure maximum recovery of funds. The company had faced significant financial challenges and the outstanding book debt stood at £286,000.
Our primary challenge was to recover as much of the outstanding book debt as possible within a relatively short timeframe, given the urgency of the liquidation process.
Swift Appointment and Initial Assessment
Recognising the urgency of the situation, our team at Babr Debt Solutions acted promptly. We appointed a dedicated resource to assess the case thoroughly, aiming to understand the intricacies of the outstanding book debt as well as the aging profile so that we could devise a strategic plan for recovery.
Close Collaboration with the Company Representative
Maintaining transparent and open communication with the company representative of the liquidated print firm was crucial. This approach ensured a clear understanding of outstanding issues, invoice queries or proof of delivery concerns. Proactive collaboration streamlined the debt recovery process.
On-Site Visits for Documenation
Understanding the importance of comprehensive documentation in debt recovery, our team conducted an on-site visit to the print firms premises. We focussed on collecting relevant paperwork, including invoices, delivery notes, a back-up of the accounting software and any other documentation necessary for the recovery process.
Client Base Outreach
Our team took a proactive approach in contacting the client base of the print firm. We professionally communicated the situation, ensuring clients were aware of the need for timely payments. Open and honest communication was maintained to build trust and encourage cooperation.
Timely and Efficient Debt Collection
Leveraging a well-coordinated strategy the team at Babr Debt Solutions achieved an impressive 96% (and counting) recovery of the £286,000 book debt within a a three month window from the date of appointment. This success was attributed to the combination of effective communication, on-site documentation collection and strategic client engagement.
The debt recovery process conducted by Babr Debt Solutions not only exceeded the expectations of the Liquidator but also showcased our commitment to delivering results in challenging financial situations. The recovered funds will provide valuable financial relief for the creditors involved in the liquidation and will see them receive a greater than expected dividend payment when the process ends.
The whole process took 7 months from the initial chats and quotation to finalising the case.
“Embarking on a quest for funding amidst turbulent cashflow woes, we found our guiding light in Steve Broom, Head of Commercial Finance at BABR. His pragmatic, accessible approach transformed a seemingly complex journey into a clear and decisive one. Steve’s unwavering support, devoid of jargon, made the process not only manageable but empowering. Our collaboration culminated in a confident decision that steered us towards a brighter future. Steve’s warmth and expertise cast a reassuring glow throughout our partnership.”
Intricately weaving a tapestry of financial revival, BABR’s partnership with the client serves as a testament to the potent impact of tailored financial solutions.
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