Early last year, one of my company’s clients unexpectedly filed for Chapter 11. When we received the bankruptcy notice, the client had been ignoring our mailed invoices, email outreach, and avoiding our phone calls for nearly 4 months. Their overdue invoices for pre-paid logistics services we had reliably performed had aged well beyond 120 days.
Despite our best attempts to communicate and negotiate payment options, we had not been able to track them down. In addition, the court suspended our ability to collect from our client once the bankruptcy commenced. The A/R Supervisor who preceded me had completed the proof of claim form in the bankruptcy and was following the status of the claim, waiting several months in hopes of a resolution.
I followed the steps in order to accept the offer that was given.
Just a couple weeks into my new role as A/R Supervisor, I received an email from Xclaim notifying me of a settlement offer. I had never heard of Xclaim before, but was curious since they had a buyer within their marketplace who wanted to purchase our claim.
After signing up on the website, I followed the steps in order to accept the offer that was given. I was able to complete the entire transaction in just a couple of minutes. It was very clear and concise. Everything processed smoothly and without issue.
It was very clear and concise. Everything processed smoothly and without issue.
Although we didn’t collect the full receivable we were owed originally, I felt the buyer's purchase offer was more than fair. And rather than having to write it off, I was able to recoup a substantial portion of the claim amount and avoid the added stress of dealing with the bankruptcy.
It's a relief to have sold my company’s bankruptcy claim on the Xclaim Marketplace. I am very satisfied with the whole process. We don’t deal with bankruptcies very often and this was a very simple and stress-free process.
I am very satisfied with the whole process. We don’t deal with bankruptcies very often and this was a very simple and stress free process.