For this case, 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.
On this occasion, 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 were mounting up, and Shore Hire were being met with repeated excuses for non-payment by the customer.
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.
Upon reviewing the matter and conducting a litigation assessment, which included conducting property searches on the directors involved, Slater Byrne determined that a Statutory Demand should be issued to the construction company director immediately. This demand was for payment in full within 21 days.
On receipt of the Statutory Demand from our office, the director contacted us 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. These payments were then secured by a director’s personal guarantee, and a caveatable interest over the director’s property.
Our client, having attempted themselves to recover this large and quickly accruing debt over 6 months, was able to secure an arrangement for payment of the arrears. They 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.
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