The challenge
The situation
A global medical technology manufacturer was owed £256,723 by a trade customer in Ireland. The oldest invoice was more than a year overdue.
What we did
What happened
Calls to the customer's accounts team went unanswered for days. When we finally got through, they said four of the invoices had been paid back in September, less a 3% retention. Our client had received remittance advices, but no money had ever arrived.
We asked for proof of payment, such as a wire confirmation. None came, so we set a deadline and told the customer that the next step was legal recovery through our agent in Ireland, at extra cost to them.
The outcome
The result
The full balance arrived 24 days after placement, in a single payment of £263,906. That covered the debt plus £7,183 towards interest and recovery costs.
