After assignment of the claim, MNS reviewed the documents and prepared a Credit Report of the debtor.
The legal team tried to contact the debtor on provided number and finally, spoke with an officer who had no idea about the matter.
They sent demand email to the debtor and connected with the forex in charge & AVP of the debtor’s Bank, who declined to give any information about the L/C as per Bank guidelines.
In the meantime, MNS legal representative visited the Bank and met the officer (forex department) who assured to release the payment soon.
Parallelly, our legal team kept on following up in the debtor company and pressurized to remit the payment. The debtor contended that they are facing financial problems due to non-receipt of payments from their customers but assured to discuss with their bankers to avail loan to clear the payment.
The legal team sent demand letter to the debtor's bank citing UCP600 and requesting payment of the L/C amount within 15 days of receiving the letter. If payment was not received within that time frame, the legal team warned, the client would be forced to take the matter up with your head office and/or file a complaint with the central bank or go to court to recover the amount from you along with interest at their risk and expense.
Following our demand letter and follow-ups, the AVP of the debtor's bank verbally informed us that they had paid the customer according to the L/C. The Bank paid the exporter, and the issue was settled.
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