GLOBAL debt collection agency currently accumulating a £250 million debt portfolio is to open in the International Financial Services Centre on July 1st next.

Interclaim, which describes itself as "expert at locating and freezing substantial hidden assets, particularly offshore", has placed an advertisement's in today's Irish Times seeking a number of specialised professional staff.

The company is looking for a lawyer experienced in multi jurisdictional litigation, two professional investigators and a "forensic accountant".

A forensic accountant is one experienced in "reconstructing transactions" and looking for irregularities and frauds. It is a growth area among the "big six" accountancy firms.

Interclaim will employ around 10 people. "We will begin chasing our first debts around July 1st," said chief operating officer, Mr Irving Cohen.

A number of debts will be pursued at any one time and the company has earmarked three debts, totalling more than £45 million for its initial efforts. The debts do not involve any Irish individual or institution.

Interclaim was established by Mr Cohen and his partner, chief executive, Mr Martin Kenney. It is backed by a number of institutional shareholders and received licence approval last year from the IFSC, assisted by Gandon Capital Markets.

The company buys debts which have been written off by the banks, for a fraction of their value and then mounts court actions in different jurisdictions with a view to freezing hidden assets and forcing debtors to make a settlement.

The company operates on the expectation of being successful in only a percentage of the cases which it pursues.

However, it is confident it can have more success than banks in pursuing large-scale debts. The banks, according to Mr Cohen, are successful in less than five out of 100 such cases.

The company will not pursue revenue monies nor will it seek drug money or the fruits of organised crime. "We will pursue white collar criminals who are not violent. Such people tend to be pragmatic and settle," said Mr Kenney.

Mr Cohen and Mr Kenney, both lawyers, met five years ago when representing opposing sides in a courtroom battle over unpaid debts. Mr Cohen was representing the debtor.

The company is locating in the IFSC because of the tax ad vantages, the availability of suitable employees and because of costs.