Company Monitoring
Upon any account being passed over, during our preliminary check, we log the account with our company monitoring system. This keeps us up to date with any relevant changes to the credit report of the company we are monitoring on your behalf, this can consist of the following:
- A County Court Judgement being registered on their credit file.
- New accounts being filed.
- Changes to the company structure.
- Applications for dissolution.
Upon these notices being filed, this allows us to take immediate and appropriate action. This further allows us to keep you up to date with your debtors and chase as appropriate.
Track & Trace
Cristen-Dex LLP have access to leading track and trace software. This means that we have a far better chance at locating debtors. It is not uncommon for debtors to put their registered office address on contracts and this may not necessarily be their trading address and the most convenient address to contact the debtor. This allows us to save our clients time trying to locate debtors as we do all that for you.
This is of the most importance when issuing legal proceedings against a debtor. We must ensure the address used is the appropriate address for Court documentation to be served.
Directors Monitoring
You may wonder why we monitor directors when the debt is with the company itself. This is because it is not uncommon for directors to set up a secondary company, with the intentions of dissolving a company with large amounts of debt and operate as a new legal entity completely. Thereby, monitoring directors lets us assess any actions which we believe may demonstrate an intention to avoid paying and fast track this case with our legal department to increase the likelihood of recovering the debt for our client.
Referral Scheme
We offer a great referral scheme, whereby you can earn on any businesses you refer if we collect their debts. We have clients who get all of their debt collection done for free under this scheme!
The scheme operates that for any client and their debt that is passed over. We will transfer you 10% of turnover generated by the debt of the referred client. This is transferred over on a monthly basis.
Credit Analysis
A case analysis can be sent over by a member of our administration team. This information proves useful for our clients who are unsure whether or not to enter into a contract with a particular company. Within the credit analysis, it will contain the following:
- Any County Court Judgements that have been registered against the company and the status of such. This will consist of the Judgment Amount, date the Judgement Order was granted, whether or not this has been satisfied.
- A brief summary of their completed accounts. Therefore, allowing you to assess the financial situation of the businesses and whether, realistically, they can afford the contract.
- The length in which they have been trading and their current credit score.
- The directors and their history. This is to analyse if the directors are notorious for setting up businesses, running up a high amount of debt to then dissolve a business and open a further business.
This due diligence is completed for free at your request, simply by being a client of Cristen-Dex LLP
Prevention of Dissolution
During the pandemic, many companies are worried that the outstanding invoices owed will not get paid as companies have been submitting an application for voluntary dissolution with Companies House due to their current financial situation.
When a debtor is passed across, they are automatically placed within our monitoring system which means we are notified of an application for voluntary, or compulsory, dissolution.
Upon an application being registered with Companies House, we will automatically object to such on your behalf. Upon this being granted, it allows an extension of generally 6 months to allow us to actively chase the outstanding debt. Further, we can extend this once again if you have opted for us to proceed with bringing a County Court Claim.
commercial credit management specialists
Get in contact with the Cristen-Dex LLP today
For a free consultation or to discuss our process in more depth, please feel free to get in contact with one of our experienced Credit Managers who will discuss what we can do for you.
