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Welcome to
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Dispatches From the Credit Front - February 2012
February 2012
This month's column...

Inflated Balance Sheets To Become Cash-Flow Problems - a looming threat to customers; what to look for and some strategies for coping
Check Out Customers' Order Backlogs
Disgrace to the Profession . . . keep reading

Credit Today 2012 Outlook Survey: Part 3 - Incremental Improvements a Top Priority for Many Credit Organizations
By David Schmidt
Survey participants in Credit Today's benchmarking survey on the 2012 Outlook were asked to share the steps they plan on taking in the coming year to address their greatest challenges. We found all kinds of great ideas from survey participants have had grouped them in four categories:

Policy and Priorities
Training and Staffing
Process Improvement, and
IT Challenges.

. . . keep reading

Credit Today Benchmarking Survey: 2012 Outlook, Part 2: Working More Closely with Sales a Top Priority for 2012
By David Schmidt

Better than one out of three credit organizations say they will be working more closely with sales in the coming year. That's a sharp change from previous years when internal credit department improvements were the top initiatives being contemplated. The survey reveals:

the top 20 improvement initiatives planned for credit departments this year
differences in focus between larger and smaller credit organizations

. . . keep reading

9 Steps to Help Your OCA Help You
By Loral Narayanan
It's the nature of the beast, the law of averages. Whatever you choose to call it -- some of your accounts are going to end up past due. You're going to have to call on a professional to help you collect. So you hand the account off. It's up to the agency now. You've done all you can. Right? Maybe. . . . keep reading

Collecting Interest and Recovering Collection Costs on Delinquent Accounts
By Loral Narayanan
Legal and Practical Issues - Based on the financial information available and the customer's promise to pay, you extend credit terms to your customer. Most of the time this works quite well. The customer receives what they ordered, and you get paid. There are those times, however, when, in spite of you best efforts, you have to place an account with a collection agency. Now, you're going to have to pay to get paid. You'll have to foot the bill for fees and expenses, as well as the interest costs that accrue in carrying bad debt. All to collect money that's owed to you. Doesn't seem fair, does it? . . . keep reading

Benchmarking: Are the Challenges Credit Departments Face Showing a Return to Business as Usual?
By David Schmidt

Our latest benchmarking survey covers...

The top 10 challenges facing credit execs in 2012
Secondary challenges facing credit execs currently
The primary differences in the challenges facing larger firms credit organizations vs. credit departments at smaller firms
What new problems and concerns are emerging on credit department radar screens this year - and the implications of these changes
What issues are now less a cause of concern for credit departments than last year

. . . keep reading

What's Your 30-Second Elevator Pitch?
Not long ago, a question was posed on Credit Today's listserv, inquiring what others' "30 second elevator pitch" was. A 30 second elevator pitch is just that - a quick summary of what you do for someone who probably isn't familiar with your job. Some of the keys to an elevator pitch are: . . . keep reading

Experian's latest Business Benchmark Report shows signs of improvement in business performance in Q4
January 24, 2012

Experian®, the leading global information services company, today released its Q4 Business Benchmark Report, which shows general improvement in business performance in most categories quarter over quarter, while metrics remain negative from a year-over-year perspective.

Risk scores remained relatively flat across all industry groups and geographic regions quarter over quarter and year over year. Interestingly, the largest businesses (those with more than 1,000 employees) showed the greatest quarter-over-quarter improvement (2.2 percent) but the largest decline (14.7 percent) year over year. . . . keep reading

The Best Practices Series: Installment XV, Handling and Filing Bankruptcy Claims
By David Schmidt
Bankruptcies serve a necessary function in the free enterprise system. They provide a legal means to, as equitably as possible, either reorganize or redistribute the assets of failed enterprises. From a creditor perspective, however, the bankruptcy process provides a last opportunity to recover what you can from your terminally ill customers. Doing so requires an understanding of the bankruptcy laws and processes and, most importantly, a methodology for insuring that the necessary steps are taken to protect your company's interests. In this Best Practice installment, you'll learn:

The three primary benefits of implementing best practices for bankruptcy claims
Our eleven recommendations for procedures to implement when filing bankruptcy claims
Six metrics to track to monitor how well you're measuring up

In addition, we've included a case study with some great ideas. . . . keep reading

Selling to Non Creditworthy Accounts

At one California high-tech company, where (as we noted in an earlier issue) customer visits are regarded as investments rather than expenses, there is keen interest in seizing the sales and profit potentials available from properly crafted relationships with "non creditworthy accounts." "Controlled sales to selected non creditworthy accounts under the right conditions can be a source of incremental profitability." is how this company's written credit policy put it. . . . keep reading

How can this be condidered a pre-petition debt?
January 11, 2012
Looking for opinion on this scenario: Customer filed Chapter 11 August 2011. Contract signed in 2009. Owed a final balance upon acceptance of a project that was not invoiced because final acceptance was not achieved until October 2011. Customer was billed and refuses to pay claiming it is pre-petition debt and subject to claim process, etc. Our stance is there was no receivable because they had not signed off, so how can it be pre-petition debt? . . . keep reading

Fear And Lothian Oil: Are Unsecured Creditors Under Greater Threat From Insider Loans?
Johnny White, Esq.

The controversial doctrine of recharacterization empowers bankruptcy courts to ignore the formal labels of a loan and, looking instead to a transaction's substance, reclassify a lender's claim as equity instead of debt. The primary goal of the doctrine is to stop shareholders retaining assets of a bankrupt estate at the expense of creditors simply by dressing up their capital investments as loans. Recharacterization can have significant impact on the treatment of unsecured creditors in many bankruptcies. Its practical consequence is that the newly recharacterized loans fall down the ladder of priority (below the trade creditors) in the scheme of distribution at the end of the case. In large Chapter 11 cases where the debtor is carrying millions, perhaps hundreds of millions, in mezzanine bond debt for example, relegating the bondholders could be the difference between zero and hundred cent dollars for the trade. . . . keep reading

Brushing Up Your Listening Skills
By Peggy Morrow - January 11, 2012
The New Year is always a time to step back and see what kinds of things you would like to improve. First on the list for many people is to "improve my communication skills". But when people think about what they want to improve about their communication skills, listening is often not considered or is at the bottom of the list. Well, I recommend that you move it to the top of the list! First, see if you are guilty of any of these barriers to effective listening. . . . keep reading

Recent Developments Regarding Section 503(b)(9) Of The Bankruptcy Code
By Ronald A. Clifford, Esq.

The case law continues to develop regarding Section 503(b)(9) of the Bankruptcy Code. Issues such as the conditions under which a 503(b)(9) claim may be paid prior to the effective date of a plan, and what constitutes a "good" under 503(b)(9) have been at the forefront of case law in recent years. Many of these issues remain unresolved at the national level, and what vendors are left with are varying decisions from different jurisdictions around the country. . . . keep reading

Goal-Setting Ideas for Credit Staff
Do you struggle to find the right kinds of goals for your staff? The best goals are not easily achieved, but also are not so tough that they are unreachable. Here are some ideas for goalsetting: Annual targets alone are too distant to be much good as a motivator or as a measureme . . . keep reading

"The Guaranty: A Powerful Tool"
by Ann Morales Olazábal, MBA, JD

Dade Industries' credit manager, Wayne Dempsey, wondered what would be next. Dade had just recently completed the acquisition of a smaller competitor and in reviewing the company's accounts receivable, he felt like he had opened a can of worms.

For instance, most accounts Dade would ordinarily have required to be guaranteed were not. Some files had notes in them that indicated the owner of a small customer had verbally agreed to be held responsible for the account if...

This case study looks at the nuances necessary to get a good guarantee, the differences between a guarantee and a surety (co-signer), and whether or not there is such a thing as a "standard" guarantee. . . . keep reading

Managing Export Credit--It's a Jungle Out There
Load a month's production into several 40-foot containers and ship them halfway around the world. How do you ensure that you'll be paid? How do you comply with all of the customs and other government regulations, both here and in the customer's country? And how can you be sure you'll get the containers and the on-board space you need when you need them to meet the contract delivery dates? These are the routine challenges of export credit management today. . . . keep reading

You've Been Selected As A Critical Vendor - Now What? Negotiating Points
By Scott Blakeley, Esq.

The credit executive well knows that a customer's Chapter 11 means long delays before receiving payment on the prepetition account, which payment is usually but a fraction of the claim. Indeed, it is not uncommon for the vendor to receive stock in the reorganized debtor in exchange for its prepettion claim. Traditionally, the vendor would file a proof of claim, perhaps serve on the creditors' committee, and press the debtor for a meaningful payment. Does a vendor in this situation, especially one with substantial trade relationship, have any additional alternatives? Fortunately, with the development of the critical vendor doctrine, the credit executive may have an alternative that may result in payment in full. . . . keep reading

Does A Critical Vendor Lose Its New Value Defense To A Preference Action?
Bradley D. Blakeley, Esq.

If you have a pre-petition claim and are selected as a critical vendor, do you lose your new value defense for the invoices paid under the critical vendor order? Creditor's rights and bankruptcy law firm Blakeley & Blakeley recently encountered the issue while defending a vendor in the Delaware bankruptcy court. Judge Sontchi decided the issue this week and the result is a big win for creditors. . . . keep reading

Credit Today Benchmarking Survey: Credit Department Metrics -- Make Sure You Know the Difference Between What Top Management Needs and What YOU Need
By David Schmidt

What metrics is top management most interested in for monitoring receivable quality? Learn which two are by far the most important, as well as what others are being asked for. Learn the difference between what you should be using as a credit manager vs. what top management wants and needs.

Also: Learn the top 8 categories of A/R metrics now in use. Plus: A list of several dozen metrics being used that you can scan for some great ideas. . . . keep reading

More Headlines

Outlook 2012

This month's survey explores...

What the top problems are facing credit execs currently, and
What the top improvement initiatives are.

Click here to participate!

February 2012

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Welcome to Credit Today Online

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Credit Today Online