Wednesday, July 13, 2005

Work RANT !!

This is my story. I work with a corporate recovery firm, a.k.a the legal loan shark. Our main clients are banks. Big ones, small ones, calculative ones, not-so-calculative ones, intelligent ones and the not-so-intelligent ones.

People might ask “ok so what…? What do you guys do then??”

Ever heard of borrowing from Bank? Well, if a company borrow mullah from the Bank, and subsequently default their loan, of which, the loan is secured by a document referred to as the Debenture, the Bank will exercise their rights pursuant to the Debenture and appoint an agent called the Receiver and Manager to help them recover their debts, or in most cases, to minimize their exposure by selling of the company’s assets.

I am the lucky one! I handle both operating and non operating portfolios. Handling non-operating companies is boring, but no hassle whilst handling the operating companies is a totally different story. What’s the difference? One would ask.

For non-operating, we go in, identify all the assets, sell the assets at a sky high price and remit the proceeds to the bank.

Whereas,

For operating companies, we have to handle their day-to-day business, i.e. management.
We will be the management team. The management power of the directors and the management will ceased and the power will fall to the Receiver and Manager.
We have to deal with employees in every hierarchy level, and even the TOP, which in my opinion is the most difficult ones. They manipulate you, deceives you, con you… all sorts of funny things that you don’t normally see.
This particular director that I dealt with, although he is a ‘kind old man’ but, what I dislike him the most is that he always like to ask me to expedite things for him the last min. Ohhh.. can you please issue the cheques to me BY TODAY? Can you please prepare this BY TODAY, can you please prepare that BY TODAY???!!! Shit! What do you think? I am your slave? I have nothing else to do in the office? EVERY TIME – LAST MIN! I am so sick and tired of him that sometimes I don’t even want to layan him.

And when it comes to selling assets, most people would think they could get a bargain from us. Bargain my ass, bargain is the LAST thing that you would get. What do you think? The bank has already incur enough losses. Do you think they will sell off the assets with a price below market value??? Dream on my friend!
And when they couldn’t get what they want, they call you and whine and whine and whine !!!

Sheesshhh!! All sorts of funny character around…!! I can't say I enjoyed every single moment dealing with these people, but, sometimes, when I'm not in a good mood, I get to screw theses people left right and centre, asked them to eat shit and die (not exactly, but close)...and they do not dare to say a single thing (at least not in front of me). This is what makes it entertaining ;)

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