Slater Byrne Recoveries currently acts for The Dragon Group—one of Sydney’s leading experts in labour hire, permanent placement, and property development. The company initially contacted out team to help clean up The Dragon Group’s debtor’s ledger and do a collect out on their debtors. But soon enough, we found that we have more to do to help the company successfully clear their debt recovery problems.
Aside from helping clean The Dragon Group’s debtor’s ledger, Slater Byrne assisted with recovering unpaid invoices. Slater Byrne also provided advice on which files the client needs to write off. We also helped initiate the legal process for the client to take customers to court to secure payment.
Throughout the process, we discovered The Dragon Group was dealing with a number of delinquent clients. There were companies that stopped responding to communications, while others repeatedly promised payments but did not follow through. Some companies had gone bust or had entered into liquidation. Other customers had disputes and were not going to pay until those often-small issues had been resolved.
Close collaboration was the key to this complicated case and this is what our team did. Within a six-month period, we recovered a significant portion of the company’s ledger. We also advised on write-offs for some of the old bad debts. This allowed us to bring the entire ledger back into working order. Consequently, we get the customers back to paying within their payment terms. Moreover, we worked closely with The Dragon Group to tighten their internal processes for new customers. We made sure the delinquent customers will be the ones to cover the client’s out-of-pocket legal and recovery costs if and when they engage us. This means that the delinquent customers will be the ones who end up footing the bill for the recovery processes in the event that they default on payment of their invoices.
With stricter terms of business in place, the company has enjoyed a stronger and more secure cash flow.
A Continuing Partnership
Now, The Dragon Group engages our team on a case by case basis. Generally, we step in once an account becomes overdue for 90 days or more. We also assist on any matter that require legal action, providing advice on which steps to take and following the case through to settlement.