Loan 1110801-01 - Invoice Financing Lithuania

Loan Details

Loan Type Invoice Financing
Loan Amount € 6 029.00
Remaining Principal € 5 272.53
Effective APR charged to borrowers -
Interest Rate (10.5%)
Initial LTV -
Initial Term 2 m. 0 d.
Remaining Term Late
Amortization Method Full
Listing Date 13.06.2017
Date of Issue 25.05.2017
Closing Date 25.07.2017
Status Default
Advance Rate 50%

Loan Originator Details

Loan Originator
Legal Entity
UAB Debitum fori
  • Borrower and Collateral
  • Payment Schedule
  • Investment Breakdown
  • Debt Collection
  • Borrower and Collateral Details

    Loan PurposeWorking Capital
    Business sectorWholesale of construction materials
    DescriptionThe Company is a wholesaler and retailer of broad range of fasteners and furniture fittings. The Company has obtained exclusive rights to sell Italian manufacturer's products in Lithuania. Additional funding is needed to support growing demand for represented products and to introduce new products. The Company is a repeated client of Debifo with good previous payment history. Expected payment - up to 15 days after due date.
    Invoice Transaction Confidential domestic
    Invoice Recourse Yes
    Country Lithuania
    Personal guarantee Yes
    Risk category BB
  • DatePrincipal Interest TotalPayment ReceivedPayment DateStatus
    25.07.2017 € 6 029.00 € 73.86 € 6 102.86 € 1 181.28 Late

    The loan has defaulted. Debt collection has been initiated.

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  • History of Actions

    16.10.2017 Communication with the client The Company pledged the remaining inventory in the warehouse and additional land plots as collateral (there are also 2 personal guarantees from financing agreement). We are actively working with the Company to restore solvency and we expect to gradually recover the majority of the outstanding amount within 12 months. Based on business seasonality, we expect a higher recovery in October, November, December and lower recovery in the first four months of 2018.
    08.01.2018 Communication with the client The Company will have slower December-January due to seasonal holidays, recovery expected to continue in February-March.
    02.07.2018 Debt collection started Contract with the borrower has been terminated and debt collection process has been started
    02.07.2018 Collection The State Social Insurance Fund Board filed for the company bancruptcy. 16/7/2018 court proceedings regarding bancruptcy will be held.
    03.10.2018 Collection On 2018-07-16 bankruptcy announced, creditor claim submitted but has not been approved yet. Legal enforcement from guarantors.
    03.12.2018 Collection 2018-07-16 bancruptcy announced, 2018-11-16 creditor claim 148 254,40 Eur approved. Legal enforcement from guarantors.

    Debt collection costs: € 0.00