Caterpillar Inc. is the world’s leading manufacturer of construction and mining equipment. Caterpillar does business worldwide and operates through the following segments: (1) construction industries, (2) resource, energy, and transportation industries and (3) financing through financial products.
Within the segment of financial products, for the South American continent they have constituted Caterpillar Leasing Chile S.A. (Caterpillar), which finances the sale of heavy machinery for construction and mining, in that sense, despite the high sales that Caterpillar dealers carried out at the South American level, there are people / companies that do not comply with paying the financing granted by Caterpillar. Therefore, the litigation team of Estudio Olaechea is in charge of collecting those financings that were not paid in a timely manner. As a result, from January to August 2023 the litigation team has achieved:
To seize 52 pieces equipment, having successfully concluded for Caterpillar the judicial processes initiated for this purpose. The seizure of this heavy machinery is very complex, as this equipment is used for large-scale works, including mining, they are generally located in areas far away from cities, often found in border areas with other countries such as Brazil, Bolivia and Colombia, resulting in highly dangerous areas where drug trafficking and terrorism prevail; but our experience in this area means that we can seize in those places and achieve success in the recovery of equipment for the pleasure of our client. This 52 equipment are valued at approximately US$10,000,000.00.
Collect US$ 3’000,000.00 from Caterpillar debtors through extrajudicial collections; that is, we use all our experience in collecting difficult debts because the Peruvian debtor is characterized by not paying their debts, so the success obtained in these collections has been formidable; the client is very happy with the result, because for the collection of these US $ 3’000,000.00 he did not have to initiate expensive and long legal proceedings. We prevent the client from spending and rather recover part of his overdue portfolio.
With these results, Estudio Olaechea tops the list of Caterpillar law firms with the highest number of seizures in the Region, as well as stands out for the collections made, keeping us in the sponsorship of processes commissioned by Caterpillar for more than 25 years.
