ITIC Highlights Value of Diligent Debt Collection

Marinelink.com
Thursday, April 18, 2013

ITIC highlighted the value of diligently pursuing the collection of shipping industry debts in today’s difficult economic climate.


In its latest Claims Review, ITIC notes that a shipbroker acting for charterers was owed $25,000 in commission by an Indian voyage charterer under a charter party which provided that the charterer would deduct the commission. Having written to the charterer and not received a response, ITIC ascertained from local sources that the charterer was in serious financial trouble. It was also rumoured that the charterer was about to receive a large injection of finance from a foreign investor.


A local lawyer was appointed to pursue the debt, and a letter was sent to the charterer stating that, if it did not pay the outstanding commission, winding-up procedures would be started via an application to the local court. Again the charterer did not respond with an offer of settlement.


ITIC, as promised, began the winding-up process, prompting an immediate payment to the shipbroker by the charterer.


The ITIC Claims Review also highlights a problem of a different nature faced by a ship agent in Canada, which was owed more than C$70,000 by a local company which had been declared bankrupt. ITIC instructed lawyers to have the ship agent properly listed as a creditor, and although there were other creditors, aspects of the agent’s debt took priority over many of the claimants and ITIC managed to recover C$42,998 on behalf of the ship agent.


ITIC said, “The case shows the importance of ensuring that claims are properly filed in liquidations.

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Kongsberg Expands Louisiana Office, Training Facility

Kongsberg Maritime has purchased approximately 5.2 acres for new construction on an 82,980 sq ft office and training facility. Construction on the James Business

HII Acquires Engineering Solutions Division

Huntington Ingalls Industries (HII) has acquired the Engineering Solutions Division of The Columbia Group, a designer and builder of unmanned underwater vehicles

Sjo Resigns from Polarcus Board of Directors

Polarcus Limited announced that Hege Sjo will resign from its board of directors effective February 2, 2015.   Sjo has accepted an appointment as Deputy Director

Finance

Shippers Must Monitor Greek Government Changes

Moore Stephens says shipping must monitor developments in wake of Greek government change   International accountant and shipping adviser Moore Stephens says

Chevron Scraps 2015 Share Repurchase Program

Chevron Corp halted its 2015 share repurchase program on Friday, a move to conserve cash amid tumbling oil prices.   The company's shares extended loses on the news,

Marquette Transportation Reportedly for Sale

Marquette Transportation Company LLC, a U.S. towboat operator, is exploring a sale that could value it at more than $1 billion and has attracted the interest of

Insurance

A HERO on the Seas

The expansion of the Panama Canal has opened up an opportunity for WWL to develop its next generation RoRo carriers. Due to its importance to international trade,

ZIM Launches Monitoring and Tracking Service

ZIM integrated shipping services has announced the launching of a new monitoring, tracking and security services package, specifically designed for valuable and

Oil Tankers are Front Line of Libya's Struggles

Crew members killed in tanker attack this month; West fears worsening violence could lead to civil war. Oil shippers face higher costs and the possible loss of insurance cover on Libyan voyages,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3588 sec (3 req/sec)