Update: August 2, 2015: updated to include an email sent by DHR to a CTPartners' client
Multiple readers have emailed and alerted us to DHR's latest tactic: DHR International are contacting CTPartners' former clients and demanding money.
One former CTPartners employee expressed their concerns as follows:
"I wanted to draw your attention to something, which I would like to ask if it is appropriate, legal or is it the case of DHR International sailing very close to the wind?"
"I have it on very good authority from my ex-CTPartners colleagues (some now at DHR) that, in various parts of the world stretching from Australia to the U.S., DHR Partners/management are contacting CTPartners' clients claiming they have bought the global assets or global contracts or selected contracts of CTPartners and saying they will continue the work and, in some cases, demanding money from said clients, as aged debts. When clients challenge this or ask for written proof, these Partners get aggressive with the client or disappear. Clearly, I am not in the know as to whether or not DHR really have bought these "assets"?
"I wonder if others around the world have heard of this; at the very least, I am sure CTPartners' lenders would be interested in this."
|Doug Black, |
Dear [client name]:
This notice is to inform you that on July 1, 2015 CT Partners transferred all of its customer receivables to CT Liquidations LLC. In turn, CT Liquidations LLC has entered into a contract with DHR International to collect all outstanding receivables and complete all open searches previously contracted between you and CT Partners. Our records indicate the following outstanding receivable:
Invoice Number: [deleted]
Search Description: [deleted]
Invoice Amount: USD $[deleted]
Please remit all outstanding balances to the following bank account:
Account Name: DHR International Asia Ltd.
Bank: HSBC, 1 Queen’s Road Central, HK, HK
Swift Code: HSBCHKHHHKH
Account: [account number deleted]
Please note that payment should be made in the same currency as stated on the original invoice.
Please contact Christine Jack at [email address deleted] if you have any questions regarding this notification.
With kind regards,
Douglas M. Black
CFO – DHR International
Chief Financial Officer
71 S. Wacker Dr. | Ste 2700 | Chicago, IL | 60606
T: [deleted] | [email address deleted]
For more than 25 years DHR International has been a leading, privately held provider of executive search solutions with more than 70 wholly-owned offices spanning the globe. DHR’s renowned consultants specialize in all industries and functions in order to provide unparalleled senior-level executive search, management assessment and succession planning services tailored to the unique qualities and specifications of our select client base. For more information on DHR International, visit www.dhrinternational.com
So, it appears DHR are indeed operating as debt collectors, having acquired all the searches and receivables from CTPartners' lenders.
Are any clients actually sending money to DHR?
Will DHR call on its army of attorneys to enforce these debts?
How much did DHR pay CTPartners' lenders for these receivables?
What happens in the majority of cities, where DHR picked up the existing searches but no consultants to execute them?
This is a bad look for the executive search profession.
By the way, it is interesting to see Doug Black's email signature when he claims that DHR have "more than 70 wholly-owned offices spanning the globe". As we have written before, at best, DHR have 45 non-empty offices. But what is a 58% exaggeration/lie when you are the CFO of a bottom-feeding debt collector?