OverviewThe Stevens-Lloyd Group was retained by BANOMOBIL SA DE CV, a highly successful company of more than 40 years in the field of plastic reinforced with fiber, located in Mexico City. They were owed $550,000.00 from a company by the name of INVERSIONES ZAHENA SA/Moon Palace, located in the Dominican Republic. Bañomobil designed and manufactured a line of portable toilets for INVERSIONES ZAHENA SA however they were not paid for their product.
BackgroundThe situation and complication faced by Banomobil that despite many attempts to obtain the funds owed to them, INVERSIONES ZAHENA SA continued to break promises and ignore our client’s demands for payment. Hence, through a referral from another satisfied customer of The Stevens-Lloyd Group in Mexico, Banomobil asked our firm to assist them in recovering the debt in the aforementioned amount.
SolutionThe Stevens-Lloyd Group went to work immediately and contacted INVERSIONES ZAHENA SA as well as hiring a private investigator to conduct an asset and liability investigation. Through a combination of persistent continuous daily telephone calls, emails, demand letters from The Stevens-Lloyd Group and its attorneys in Mexico as well as negotiation and mediation, we were able to obtain settlement for $396,452.07 within four months of work.
The key to our success was perseverance as well as consistent pressure from our collectors. Moreover, by utilizing strong legal demand letters from our attorneys and assistance by our contacts at the American Embassy in the Dominican Republic, the Stevens-Lloyd Group was able to effect payment for BANOMOBIL SA DE CV.
RecommendationINVERSIONES ZAHENA SA was placed with The Stevens-Lloyd Group by BANOMOBIL SA DE CVon April 7, 2010 and we effectuated payment on July 12, 2010, assuring that the debt was paid to our client before it was too late. As debts age, they become considerably less collectible over time. Therefore, it is our recommendation that since time is the enemy of the debt recovery process, our clients place past due debts with The Stevens-Lloyd Group as soon as debtor companies ignore our client’s demands for payment and/or break their promises.