£36k
Transaction at
Undervalue   

header 986

 
   

 IP Firm

Essex Boutique Recovery Specialist

 

Type of Investment

Purchase of Claim

Start Date
March 2012

Completion Date
June 2012 (3 months)

 

       
   
 

At the s98 meeting, the Director of this small management consultancy firm confirmed he had an overdrawn Directors Loan Account balance of £36k.

The Director had also confirmed to the IP that he would be making arrangements to repay his debt to the Company.

Several months went by and, despite constant chasing, the Director refused to engage with the IP. One year passed with no recovery being made.

The IP offered the opportunity to purchase the claim to Manolete Partners. Having undertaken our usual fast due diligence, we made an offer to purchase the claim for an initial amount up-front, plus (after deducting only our legal costs) a half share of any net recovery going back to the Insolvent Estate.

Once we had purchased the claim, we engaged directly with the Director and explained that we would pursue the claim through the Courts if necessary.

On the back of sensible commercial legal advice, the Director soon agreed an affordable repayment plan for the entire balance, which was duly recovered over the following few months. Due to the speed of the exercise, the legal costs were minimised. Manolete always self insure all ATE risk at no extra cost whatsoever. This resulted in a good recovery to the Insolvent Estate.

“How did you guys manage to get the entire amount back in 80 days, when we had been trying for over a year ?...... I'm a convert !”.
– QUOTE FROM THE OFFICE HOLDER

 
 
£36k
Transaction at
Undervalue   

header 986

 
   

 IP Firm

Essex Boutique Recovery Specialist

 

Type of Investment

Purchase of Claim

Start Date
March 2012

Completion Date
June 2012 (3 months)

 

       
   
 

At the s98 meeting, the Director of this small management consultancy firm confirmed he had an overdrawn Directors Loan Account balance of £36k.

The Director had also confirmed to the IP that he would be making arrangements to repay his debt to the Company.

Several months went by and, despite constant chasing, the Director refused to engage with the IP. One year passed with no recovery being made.

The IP offered the opportunity to purchase the claim to Manolete Partners. Having undertaken our usual fast due diligence, we made an offer to purchase the claim for an initial amount up-front, plus (after deducting only our legal costs) a half share of any net recovery going back to the Insolvent Estate.

Once we had purchased the claim, we engaged directly with the Director and explained that we would pursue the claim through the Courts if necessary.

On the back of sensible commercial legal advice, the Director soon agreed an affordable repayment plan for the entire balance, which was duly recovered over the following few months. Due to the speed of the exercise, the legal costs were minimised. Manolete always self insure all ATE risk at no extra cost whatsoever. This resulted in a good recovery to the Insolvent Estate.

How did you guys manage to get the entire amount back in 80 days, when we had been trying for over a year ?...... I'm a convert !”.
– QUOTE FROM THE OFFICE HOLDER

 
 

header 986

£36k
Transaction at
Undervalue

 IP Firm

Essex Boutique Recovery Specialist

 

Type of Investment

Purchase of Claim

Start Date
March 2012

Completion Date
June 2012 (3 months)


At the s98 meeting, the Director of this small management consultancy firm confirmed he had an overdrawn Directors Loan Account balance of £36k.

The Director had also confirmed to the IP that he would be making arrangements to repay his debt to the Company.

Several months went by and, despite constant chasing, the Director refused to engage with the IP. One year passed with no recovery being made.

The IP offered the opportunity to purchase the claim to Manolete Partners. Having undertaken our usual fast due diligence, we made an offer to purchase the claim for an initial amount up-front, plus (after deducting only our legal costs) a half share of any net recovery going back to the Insolvent Estate.

Once we had purchased the claim, we engaged directly with the Director and explained that we would pursue the claim through the Courts if necessary.

On the back of sensible commercial legal advice, the Director soon agreed an affordable repayment plan for the entire balance, which was duly recovered over the following few months. Due to the speed of the exercise, the legal costs were minimised. Manolete always self insure all ATE risk at no extra cost whatsoever. This resulted in a good recovery to the Insolvent Estate.

How did you guys manage to get the entire amount back in 80 days, when we had been trying for over a year ?...... I'm a convert !”.
– QUOTE FROM THE OFFICE HOLDER