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NEW for 2008.

Just revised to reflect all current laws related to bankruptcy.

Can You Still Get Paid Now, In Full, On Your Bankrupt Customer's Account?

The credit professional well knows that a customer's bankruptcy means long delays before receiving any payment on the prepetition account; and worse, the payment is usually but a fraction of the claim. Furthermore, it is not uncommon for the creditor to receive stock in the reorganized debtor in exchange for its prepetition claim (as was the case in the Kmart Chapter 11).

Traditionally, the creditor would file a proof of claim, perhaps serve on the creditors' committee and press for a meaningful payment on their prepetition claim. Does a creditor in this situation, especially one with a substantial trade relationship, have any recourse? With the development of the critical vendor doctrine, the credit professional has had a meaningful alternative. This publication will answer that question and more.