Our client Redstone Commodity Search focus on offering 360º search solutions for the global commodities markets.

Their teams of consultants focus on providing Front and Middle office search solutions to a wide variety of Trading Houses, Producers, Majors, Utilities, Merchants, Hedgefunds, Investment Banks and Brokerages.

They have completed assignments across the globe in Africa, Asia, the Middle East, Europe, USA, Canada and LATAM. They have expertise within their chosen verticals and are helping to build Redstone Commodity Search into the leading provider of search solutions to the commodities industry.

New opportunities bring new risks.

Two candidates were originally introduced by our client to a company based in North America, mid 2020. Both candidates were unsuccessful at the time. However they were later engaged by a second company, a company closely associated with the first company. The hiring company confirmed they would take ownership of the fees (third party transfer fee). Everything seemed OK, but when the invoices were sent the hiring company initially protested the fees with our client, then agreed, then confirmed a payment would be sent, then confirmed payment had been sent (it hadn’t), then agreed a split payment plan. The debtor believed they could pay this way and presumed the candidates were on some sort of year probation period, in any case relations broke down and no payment was ever made.

If you get this paid, I’ll eat my hat !

Redstone have used Sterling since 2019 when they had first used the no win – no fee debt recovery service to collect an unpaid fee. Since that time they have on occasions used Sterling’s HireChecker service to safeguard against back door hires.

Jordan Lewis, Director at Redstone, brought up the non-payment of 2 fees for placements made to the North American firm in a discussion with one of Sterling’s staff. At that point several months had passed by and communication from the debtor had ceased and the likelihood of achieving payment had practically been written off. Sterling encouraged him to pass the debt over for collection to which the response was; ‘OK give it a go if you really want to… but if you get this paid, I’ll eat my hat!’

Challenge accepted.

Sterling made direct contact with the debtor CEO by phone and discussed the overdue payments, backing this up with written details outlining the events leading up to payment. Some of the debtor’s objections included:

Performance based results not being achieved

Probation period

Wanting to pay quarterly