Many lawyers can recover a debt for you.
But how many can recover very substantial sums from these two types of companies:
1 a wound up company and;
2 a company that has already ceased operation, retrenched all their workers.
Alex Chang & Co did these feats for us.
WOUND UP and Un-WIND
One of our customers, the Debtors owed us about RM2.2 million, our management took a long time but could not recover the sum. Meantime, the Debtors began to ‘shrink’ their operational size from RM60 million to RM15 million.
The Debtors thought the liquidation process will take years to complete and by that time they would have accomplished the final disposal of the remaining RM15 million worth.
They were WRONG, Mr Chang wound up the company in a flash and the liquidator was already standing at the door waiting to proceed within two days of the court granting the winding up order. By the time the Debtors found out what it all meant, they came to ask Mr Chang to “Un-Wind” them.
That was achieved within a month, saving the Debtors from certain ‘termination’.
With a settlement in hand and continued business opportunity, we settled the matter amicably and we were able to CONTINUE to have a fruitful business relationship with the Debtors.
FORESIGHT IS AN IMPORTANT QUALITY
PICKETING CLOSING DOWN DEBTORS
There was this Closing Down Debtors who closed their doors without notice therefore their workers started picketing outside their factory. 60 creditors started to take legal action, a few creditors including us took a companies winding up petition against the Closing Down Debtors.
Mr Chang made a few applications in court, the Debtors singled us out for a settlement meeting.
It was a meeting full of civil fireworks, both sides bargained very hard, Mr Chang advised us that due to the special circumstances, that the company had closed down, and our 20 plus years of business with them, that we give a 1% goodwill discount per annum.
A discount is usually not on the cards for settlement conducted by Mr Chang.
Out of the RM1 million debt, we collected about 75% of it within two months in cash, the other creditors wound up the Debtors in the following year and made many directors bankrupt.
It was an amicable settlement again, both sides remained friends but the unfortunately we could not continue to do business with the Debtors in this case.
One of the most important qualities is foresight, it is about making a decision to do something ‘right’ given the circumstances prior to the happening of some supervening events, securing the ‘correct’ outcome for the clients.
Thank you Mr Chang.
Managing Director, Multinational Company