Demonstrating our worth
When Hilton-Baird Collection Services was instructed by a leading bank to recover a ledger valued at £250,000, at first glance there didn’t appear to be anything out of the ordinary.
As usual, our team quickly attended the invoice discounting client’s premises in order to collate the vital paperwork and secure the electronic records before the collections process could begin. Behind the scenes however, this collect out was about to become much more complicated.
The client, a fresh meat wholesaler, had filed for voluntary administration and appointed their own Insolvency Practitioner, who had agreed with the client and already started to collect the outstanding debt without consulting the bank.
Hilton-Baird therefore negotiated with each party and assisted in resolving the situation before agreeing that we could continue the work we had started. Using the paperwork that was obtained on site and a mix of collections techniques, our team was able to get to work on contacting each debtor and collecting the outstanding sums.
The result was that the funder’s position was recovered within eight weeks of instruction and a successful conclusion brought to a difficult set of circumstances. Hilton-Baird have subsequently been retained by the Insolvency Practicioner to continue collecting the sales ledger on their behalf.