I recently had a brief phone conversation with a long term client. This client had called me to discuss its difficulties in getting paid and its difficulties in making its payments. They wanted my help in figuring out how to deal with both those they owed and with those who owed them.
I suggested a Zoom meeting, to which they bring all documents relating to all those to which this company owed “substantial” money and to all those that owed this company substantial money. I have modified the facts a bit to disguise the specific company, but the substance is all there.
Nine companies owed my client amounts ranging from around $25,000 to $500,000. About half were in the US, half were in Asia. My client owed around 40 companies amounts ranging from around $1,000 to $100,000. About 75% of these debts were to Asian companies (mostly Chinese, Korean and