ITIC RECOVERS US$30 MILLION

Marine intermediaries provide services to foreign companies, who are sometimes totally unknown to them.  When left with a debt from a company on the other side of the world, obtaining payment can be extremely difficult, if not impossible.  As an optional benefit to its Members (and at an additional premium)  ITIC offers a comprehensive debt collection service.  ITIC's staff, who have many years' experience in the field of international debt collection, will take over the collection of the debt and do whatever is possible, at the Club's expense, to recover sums due to the Member.

Since 1992 ITIC has been asked by its Members to collect more than 2,500 debts.  By August 1998 the total recovered had topped US$30,000,000. 

In this special edition of the Club's Claims Review, we hope to explain what ITIC can and does do to assist its Members, and what Members can do to help themselves.

Claims Review 7

02/08/1998
ITIC is often asked whether a shipbroker is entitled to claim his commission.  It is very important to remember that each case should be considered on its own facts.  Shipbroker cut out of negotiations There...

02/08/1998
An English ship broker remitted a balance of hire of US$ 30,000 twice to his European counter- part.  In spite of many promises the European shipbroker failed to pay back the funds and court proceedings were commenced. ...

02/08/1998
The Club's lawyers arrested a tanker in Abidjan, much to the disgust and ire of the master who threatened the court bailiff with bodily harm. The owner paid and the same bailiff tried to release the ship.  The master...

02/08/1998
Unpaid disbursements are not the only problem which face ship agents.  In many countries ship agents have a joint and several liability with their principal for cargo claims, customs penalties, dock damage, etc.  If a...

02/08/1998
Norwegian ship brokers via a London broker, commenced negotiations for the sale of a tanker to a Greek buyer.  Discussions continued for several months until the shipowner went bankrupt and the ship was taken over by a...

02/08/1998
In a recent case, a ship agent in the Far East was nominated by the voyage charterer (a well known trading house) to be the agent for the disponent owner (a well known and reputable shipping company).  The agent sent his...

02/08/1998
Three chartering brokers requested the assistance of the Club to recover US$55,400 commission unpaid by an oil trader.  The Club obtained information that the oil trader had another ship on time charter and tracked her to...

02/08/1998
Where there is no obvious asset, such as a ship or bunkers, then other methods need to be considered.  A ship agent was owed US$75,000 by a Greek ship management company which had no obvious assets apart from a hydrofoil...

02/08/1998
NOTIFY THE CLUB SOON - the older a debt, the harder it is to collect especially if the ship is sold or the debtor bankrupt.  In some countries the statutory time limit for collecting a debt is as little as six...

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