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16-Steps to Take When a Customer Files Bankruptcy
Here's a handy "cheat sheet" designed to help you cover all your bases when an account files bankrtupcy
It's always a big deal when an account files bankruptcy.
And the last thing you want at that point is to be scratching your head saying, "OK, what do we do now?" With that in mind, to be prepared you have a checklist to follow when an account files.
As with all checklists or templates we supply, we always emphasize that it's important to use them as a starting point. And it's not a substitute for understanding what and why you're doing something.
Templates are great for helping you get started and to help you make sure you're doing a complete job. But each situation is unique. Companies and industries have different practices and tolerances for risk. And each individual bankrtupcy is unique.
That said, the list below is a great checklist for what steps to take when an account files.
16 Steps To Take When An Accounts Files For Bankruptcy
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Not Completed
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Contact the carrier and arrange for any goods in transit to be pulled back.
Zero out your credit limit - at least until the dust settles and the debtor has received authorization to use cash collateral and has secured DIP financing.
If you hold a personal guarantee from the owner(s), be certain to remind the customer that their personal obligation is not altered by a Chapter 11 filing.
If you shipped goods to the customer within 45 days of the bankruptcy filing date, submit a reclamation notice to the debtor company as soon as you are notified of the filing.
If your company received payment within 90 days prior to the filing date, inform management about the possibility of a preference claim being filed by the trustee.
Begin to build your case against a potential preference claim. If you receive a claim, do not pay it without consulting your attorney and learning about your rights and options.
Ask the debtor for a statement showing the invoices and the balances they show as being due to your company as of the filing date. Expect some resistance on the part of the debtor to providing this information. Once it is received, begin to gather documentation to support your claim (e.g., proof of deliveries) as quickly as possible.
When a dispute arises with the debtor over the amount of the prepetition claim, negotiate first and litigate last. In many instances, the debtor will be willing to settle the dispute outside of bankruptcy court--especially if you can document your claim.
File the proof of claim with the bankruptcy court before the established deadline. If you have any questions about how to complete the proof of claim, consult your attorney.
Send the proof of claim by registered mail with return receipt requested. Be certain to include with the proof of claim the supporting documentation required in the instructions.
Keep the return receipt along with a copy of the proof of claim in a fireproof file cabinet or a safe.
Always request that the bankruptcy court confirm that they received and recorded your proof of claim. Leave enough ime to resubmit the documentation if the court loses the original filing documents.
Amend your claim if you find you have made an error on the original filing, preferably before the bar date but even after the bar date if necessary.
File a claim, even if you are only owed a small amount. Even a small recovery on a small balance due is better than nothing.
Give serious consideration to joining the official unsecured creditors committee if you are asked to do so. Joining the committee will give you a good deal of influence over the activities of the debtor while in bankruptcy and in the plan of reorganization ultimately presented to creditors for their vote.
Read everything sent your company by the debtor. You may read 100 pages of documents before you find something of interest or concern to you, but the only way to know is to read every document you receive.
Bankruptcy Resources For Credit Managers
Plain English, clear cut resources for credit execs from the nation's leading experts. Practical. Clear. Thorough. Don't be caught short...
Check out Credit Today'sBankruptcy Resources Portal
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