How
Red Sky Works
Receivables are assigned to Red Sky Enforcement Inc. (the "Agent"), a licensed collection agent with unique and exclusive access to an experienced legal team.
The Agent administers the account and provides instructions to collections lawyers and other auxiliary service providers. The Agent bears all costs in connection with the enforcement of the account while providing regular reporting to the client.
The Details
You and the Agent enter into a Master Assignment Agreement ("MAA"), the salient features of which are the following:
1.
A Qualified Loan is identified by you. A "Qualified Loan" is a receivable owing to you that meets various criteria in the MAA.
2.
The Qualified Loan is conveyed to the Agent pursuant to a short "Appointment" document.
3.
Each Qualified Loan would be the subject of regular reporting to you, and a trust account to ensure identifiable and secure safe-keeping of recovered funds. Proceeds are distributed no later than the 15th of the month immediately following the month proceeds became distributable.
4.
The Agent is empowered, with full discretion, to administer the Qualified Loan, including implementing the collection method it deems most appropriate in the circumstances and authorizing settlements, compromises, or any other event related to collecting balances outstanding.
5.
The MAA also contains standard terms and conditions surrounding the conveyance of a debt, along with covenants of the Agent surrounding confidentiality, and being mindful of your reputational considerations.
Why Red Sky Works
This proposition is designed to offer a streamlined, efficient program to extract value from what is historically written off. It is designed to provide value at every step: (i) it is easy to access, (ii) it provides a cost-free administration system for you, (iii) and it promises to recover what we believe to be significantly greater recoveries than what is conventionally achieved
There is no administration fee for this service. It is based on the expertise developed over a combined 50 years of experience in the insolvency and collections sector.