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Managing Non-Payment in Industrial Supplies Trade with Sweden

Managing non-payment in industrial supplies trade with Sweden can be a challenging task. To address this issue, a comprehensive Recovery System for Company Funds has been developed. This system consists of three phases aimed at recovering outstanding debts from debtors. Let’s explore the key takeaways from this system:

Key Takeaways

  • A thorough investigation of the debtor’s assets is crucial in determining the likelihood of recovery.
  • Options for handling non-payment include recommending case closure or proceeding with litigation.
  • Legal action may require upfront legal costs, but the decision to pursue litigation rests with the company.
  • Competitive collection rates are offered based on the number of claims submitted and the age of the accounts.
  • The Recovery System involves proactive steps such as sending letters, skip-tracing debtors, and engaging with affiliated attorneys.

Recovery System for Company Funds

Phase One

As we initiate Phase One of our Recovery System, swift action is paramount. Within the first 24 hours, we deploy a multi-channel approach to reach the debtor. This includes the dispatch of the initial demand letter and comprehensive skip-tracing to uncover the most current financial and contact details.

Our team is relentless, employing daily attempts to engage with the debtor through calls, emails, texts, and faxes. The goal is to secure a resolution swiftly and efficiently. Should these efforts not yield the desired outcome, we seamlessly transition to Phase Two, engaging our network of skilled attorneys.

Persistence is key in this phase, and our collectors are trained to maintain pressure while seeking a fair resolution. Here’s a snapshot of our initial contact strategy:

  • First demand letter sent via US Mail
  • Skip-tracing and investigation
  • Daily contact attempts for 30 to 60 days

We understand the importance of your company’s financial health and are committed to recovering what is rightfully yours. Our process is designed to be thorough yet considerate, ensuring the best possible outcome for your business.

Phase Two

As we escalate our efforts, the local attorney takes the helm. Their first order of business: drafting a series of stern letters, each one amplifying the urgency for payment. These aren’t just any letters; they’re dispatched on the law firm’s imposing letterhead, a clear signal of our intensified approach.

Simultaneously, the attorney’s team begins a relentless pursuit, reaching out to the debtor through every available channel. Phone calls become more frequent, the tone more insistent. Yet, if this barrage of communication fails to yield results, we’re prepared to advise you on the complexities at play. A detailed letter from us will outline the hurdles and our suggested course of action.

We stand firm in our commitment to recover what is rightfully yours, but we’re also transparent about the challenges we face.

Should we proceed to litigation, or is it time to cut our losses? The decision rests with you, but rest assured, we’ll guide you with clear-eyed counsel. Here’s a snapshot of our fee structure for this phase:

Claims Quantity Age of Account Collection Rate
1-9 Claims Under 1 year 30%
1-9 Claims Over 1 year 40%
1-9 Claims Under $1000 50%
10+ Claims Under 1 year 27%
10+ Claims Over 1 year 35%
10+ Claims Under $1000 40%

Remember, our rates are competitive, and our resolve is unwavering. We’re in this together, navigating the intricacies of industrial supplies trade recovery.

Phase Three

Upon reaching Phase Three, we face a critical juncture. Our team conducts a meticulous review of the debtor’s assets and the surrounding facts of the case. The outcome of this review leads to one of two paths:

  • If the likelihood of recovery is slim, we advise case closure. In this scenario, you owe us nothing.
  • Should litigation appear viable, the choice is yours. Opt out, and again, you owe nothing. Choose to litigate, and upfront legal costs apply.

The decision to litigate is significant. It involves an investment, with costs typically between $600 to $700, depending on the jurisdiction. These fees cover court costs, filing fees, and other related expenses.

Upon your decision to proceed, our affiliated attorney initiates legal action to recover the full amount due, including the cost of filing. Failure to collect post-litigation results in case closure, with no financial obligation to you.

Our fee structure is transparent and competitive, reflecting the volume and age of claims:

Claims Submitted Accounts < 1 Year Accounts > 1 Year Accounts < $1000 Attorney Placed
1-9 30% 40% 50% 50%
10+ 27% 35% 40% 50%

Remember, our goal is to maximize recovery while minimizing your risk. We stand by you, offering guidance and expertise every step of the way.

Frequently Asked Questions

What is the Recovery System for Company Funds?

The Recovery System for Company Funds consists of three phases: Phase One, Phase Two, and Phase Three. Each phase involves specific actions and strategies to recover company funds from debtors.

What happens in Phase One of the Recovery System?

In Phase One, the company sends letters to debtors, conducts investigations to gather financial and contact information, and attempts to resolve the matter through various communication channels like phone calls, emails, and faxes. If unsuccessful, the case moves to Phase Two.

What is the process in Phase Two of the Recovery System?

Phase Two involves forwarding the case to an affiliated attorney who sends demand letters to the debtor and initiates contact through phone calls. If efforts to resolve the account fail in this phase, further recommendations are made for the next steps.

What options are available in Phase Three of the Recovery System?

In Phase Three, two options are presented: closure of the case if recovery is unlikely without any additional costs to the company, or proceeding with litigation. The decision to pursue legal action incurs upfront legal costs, and the outcome determines the final resolution of the case.

What are the rates for collection services in the Recovery System?

The collection rates in the Recovery System vary based on factors such as the number of claims submitted, the age of the accounts, and whether they are placed with an attorney. Rates range from 27% to 50% of the amount collected depending on these variables.

What happens if the collection attempts via litigation fail?

If the collection attempts via litigation fail, the case will be closed, and the company will not owe anything to the firm or the affiliated attorney. This outcome ensures that there are no additional costs incurred in unsuccessful recovery efforts.


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