Most Affected Industries IT: Small operations Easy to close or open Tend to close operations and leave the country Construction: The market activity has slowed (no new projects) No funds Unable to collect money from their customers
Debtor Response Do you know who I am! Ma Fe Masari! (There is no Money) My clients are not paying me, so how can I pay you! Will Pay Next Week, Inshallah!
Strategy Dont’s: Threaten the debtor Assume that if it is a large company that they will pay Jump into legal action Do’s: Understand the current financial situation Try to reach an agreement that will satisfy both parties
Advised Agreement Payment plan Prearranged payment plan set up over a specified period Settlement Prearranged discounted amount Return the goods Some or all of the good are returned to the creditor
Issues No Credit Bureau- No centralized Information No clear bankruptcy law Owners leaving the country Severe punishment for bounced checks Limited action on government entities
Experience 60-years accounts receivable experience Direct presence in 67 countries 400 Million USD collected annually A worldwide network of +/- 1000 lawyers and bailiffs Experience of handling more than 250,000 B2B files annually
Geographic Location Country laws and regulations are respected Debtor is contacted in his/her language Coface will respect cultural diversity
Coface Commitments First action within 24 hours of receiving the file Provide a pre-legal diagnosis at the end of the amicable procedure Online access in order to monitor the debt collection process No recovery no fee, commission is based on amount recovered