Aldona Micė has reportedly been appointed as the Head of Risk and Recovery at HeavyFinance.
According to an update shared by HeavyFinance, Aldona Micė has been “with farmers through many floods and droughts.”
She was recently appointed as “a new Head of Risk and Recovery at HeavyFinance.”
Aldona joined the company “after more than a decade of managing credits and debt at Agrochema, one of the largest agricultural companies in the Baltic states.”
Having extensive experience “in recoveries in the agricultural sector, she successfully manoeuvred through many challenging seasons that caused struggles with loan repayments among farmers.”
Now, Aldona is reportedly tasked with “overseeing a rapidly growing HeavyFinance agricultural loan portfolio to ensure a rigorous risk management and smooth recovery process, as well as paying extra attention to ad hoc cases.”
Aldona Micė notes that prior to joining HeavyFinance, she spent “over a decade working in Lithuania’s leading agribusiness companies.”
She explains that her expertise “spans across debt collection and credit granting within the agricultural sector.” Over the years, she has “encountered various debt recovery scenarios, each unique in its challenges and solutions.”
One key takeaway from her experience is “the absence of a one-size-fits-all approach in debt recovery. Every case demands a tailored strategy, a perspective that she deeply values.”
It’s this aspect of addressing “each debt recovery issue individually, analyzing its nuances, and crafting specific solutions that she finds most engaging and rewarding in this role.”
Aldona Micė also mentioned that in the agricultural sector, the approach one takes should be multifaceted.
Primarily, farmers’ cash flows are “closely tied to their crop yields, which are significantly impacted by weather and climate conditions. A poor harvest inevitably leads to reduced income, making it more difficult for farmers to meet their repayment obligations.”
It’s also crucial to “recognize the unique financial structure of the agricultural industry. Unlike regular monthly salaries, farmers’ incomes are largely seasonal. Their financial stability hinges on the timing of the harvest and the subsequent sale of their crops. This irregular income pattern can pose challenges in maintaining consistent loan repayments, especially in times of unexpected yield fluctuations.”
Having these difficulties in mind, agriculture is “a sector of strategic importance.”
She added that we are “all dependent of local food production and therefore, we see little bankruptcies in this sector. It means, even with financial constraints caused by climate change, the vast majority of farmers in default eventually manage to successfully repay their debt.”
Aldona Micė further noted that the recovery process at HeavyFinance can be “divided into two main stages: pre-trial and legal.”
Pre-Trial Proceedings: This initial phase is “managed by their recovery team and operates outside the judicial system. It involves direct engagement with the debtor, primarily focusing on finding non-litigious solutions.”
During this stage, the debtor is “encouraged to secure alternative financing, either through other financial institutions or by liquidating assets. Often, farmers prefer refinancing options over selling their land or equipment, as these are crucial for their livelihood.”
Legal Proceedings: If the pre-trial efforts do “not yield results, the process advances to the judicial stage.”
This involves formal legal proceedings, “where the case may be presented in court or handled through notaries, eventually leading to the involvement of bailiffs.”
The bailiff’s role is critical “at this stage, overseeing the auction of the debtor’s property.”
She also noted that the proceeds from the auction “are then allocated and disbursed to the creditor, thereby fulfilling the debt recovery process.”
Throughout both stages, their focus remains on achieving a resolution “that is fair and effective, ensuring that the interests of all parties are considered and respected.”