- “Uncollectable” contractual debt
- Funded ledger
- Ledger to be reassigned
- 2-18 month aged debt profile
- Contra accounts in place
- 3 successful debtor receipts
- Unexpected enhanced realisations
As the facility was disclosed we recommended and delayed the reassignment of the ledger so we could challenge some of the contra claims, which we did so successfully for the benefit of creditors.