Defending Your Receivable is Our Mission
In 2020, with the impact from the pandemic outbreak, and the uncertainties of the epidemic trend, countries are encountering an unprecedented crisis as a result of regional lockdowns and restrictive measures. The global economy is suffering a severe recession, with catering, manufacturing and retail industries bearing the brunt of the crisis. The current global pandemic has made it incredibly challenging for businesses to maintain their cash flow. The tide of bankruptcy is on the horizon. Local and overseas companies are concerned about collecting debts from China, as they are unfamiliar with Mainland laws and culture, while the epidemic has caused payment delays. In this blog, we share a recent case in which RMS successfully collected over 1.8 million Euros for two overseas clients from the same Chinese manufacturer, by leveraging our years of collection experience and RMS global network.
Global economy is suffering unprecedented impacts from the escalating international trade tensions and the coronavirus pandemic outbreak, and enterprises of all sizes have been struggling for several months under this "storm". With the pandemic situation gradually easing, countries are finding ways to resume their normal economic activities. In this unprecedented business environment, proper credit analysis and financial management to avoid bad debts and achieve profit gains is a major concern for small and medium-sized enterprises. The Consultant of iQor RMS Mr. Norris Chan is cordially invited by Hong Kong General Chamber of Commerce (HKGCC) to hold a seminar on July 17 to share on this. Seats are limited. Register Now!
iQor RMS had jointly held a webinar with Hong Kong General Chamber of Commerce on “Debt Collection in China: Collection Process, Litigation & Arbitration” on April 16, 2020. With the impact from the current Covid-19, the virtual seminar was successfully launched via Zoom.
Our parent company, iQor has achieved outstanding performance in 2019 and we will share in this blog. As a global integrated BPO, iQor’s diverse workforce has managed to provide customer engagement and technology-enabled BPO solutions.
Thank you for your continued support and confidence in RMS!
Hoping the Year of Rat brings you joy, prosperity and happiness!
Garment industry is fiercely competitive due to unpredictable consumer demand and uncertainties arising from the US China Trade War. In order to maintain a strong relationship with customers, manufacturers would allow for prolonged payment terms. This would affect company’s cash liquidity and operating funds.
The Korean electronics parts manufacturer approached iQor RMS HK in collecting a large unpaid debt from their US buyer. The buyer had placed heaps orders with our client during last year; however, due to global economy downturn, the buyer failed to collect the finished products and denied to fulfill the rest orders as well. All finished products and materials have been abandoned in client’s warehouse for over half year, which costs US$1,000,000 in total.
iQor RMS has held a risk management seminar at Canton Trade Fair on October 25th, 2019. The main concern for enterprises is to manage trade risks in order to ensure cash flow for operations and business developments. International trading business is fiercely competitive, along with unknown factors and environmental changes, which created opportunities and crisis for exporters.
With the intensive trading between Hong Kong and China, delinquent debt receivables are often the going-concern for Hong Kong traders as well as foreign investors, who encounter difficulties with recovering receivables in mainland China. A specialist from RMS will highlight how to recover debt receivables in China through litigation, non-litigation as well as arbitration approach. He will also introduce key facts within the Chinese Bankruptcy Law and the Civil Procedure Law of China, and analyze each option, their respective advantages and limitations. Recent real case studies will be shared to facilitate the understanding of the debt recovery know-how in mainland China. Business executives, SMEs, factory owners and all interested individuals are welcome to join the seminar.
We are excited to announce the launch of our official accounts of “WeChat” & “WhatsApp Business”, to keep our clients updated with the most current news, no matter when and where they are!
Photo by Jeffrey Swanson on Unsplash
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