Fast Action and Resolution of a Large Debt and a Difficult Customer
Our client is Shore Hire Pty Ltd, a large and fast-growing company in Australia that hires a range of shoring, propping, and traffic equipment. For this case, Slater Byrne Recoveries was engaged to help with Shore Hire’s debtor’s ledger.
Shore Hire ran into trouble with one of their customers—a large constructions company in Western Sydney that had a large amount of stock out on hire. The monthly invoices in Shore Hire’s debtor’s ledger were mounting up. But, debtor sends repeated excuses for non-payment to the family business.
In addition, Shore Hire was unable to pick up the stock as the props and beams were providing the ground support to the construction project.
Consequently, Slater Byrne reviewed the matter and conducted a litigation assessment. The assessment included conducting property searches on the directors involved. As a result, Slater Byrne determined that it would issue a Statutory Demand to the construction company’s director immediately. This demand was for payment in full within 21 days.
On the construction company’s receipt of the Statutory Demand, the director contacted Slater Byrne to enter into settlement negotiations. We had the company enter into a formal deed of settlement. The deed of settlement was for monthly payments of $50,000. To secure the payment, the construction company’s director signed a director’s personal guarantee. Moreover, a caveatable interest over the director’s property also secured the payments.
Our client was able to secure a payment arrangement of the arrears. This after having attempted themselves to recover the large and quickly-accruing debt over six months. Shore Hire also started to receive all ongoing monthly payments on time within 30 days of handing the file to our team here at Slater Byrne Recoveries.
By acting quickly and professionally, we were able to recover our client’s funds while ensuring that their relationship with their customer was not jeopardised.