Regarding the debt collection from the counterparty in the amount of USD 2,451,000 in one payment
We had a client with a request for debt collection. After a detailed examination of the case file, it figured out that the counterparty’s company is state-owned and located in a country that is considered as one of the most “closed" in the world. Certainly, this fact made it complicated for the pre-trial settlement of the dispute. Experienced lawyers made every effort, trying to get in touch with the CEO of the company. They made more than 600 calls a day and sent more than 100 letters, never to be heard back. Subsequently, the strategy was changed and official inquiries were sent to the Ministry of Foreign Affairs, the Chamber of Commerce and Industry, the Association of Enterprises and Authorities, and to other companies from which the counterparty owed. Nevertheless, there was no assistance or response from the state. In order to influence the counterparty, we monitored the local media and made a request to publish information about the insolvency of the state-owned company.
The media met our request and published articles about the counterparty’s debts. After these publications, the next day, they paid off the whole amount of the debt in one transaction, namely USD 2,451,000