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Our Subscribers Say...
Credit Today's Resource Directory and their online e-mail forum (ListServ) provide information on almost any credit-related topic you can think of. It is a great way to exchange information with other credit professionals. As the saying goes, "You don't know what you don't know."
- Scott Goen,
Credit Manager, Big Lots Stores, Inc., Wholesale Division
"We've recently started using the ListServ tool within Credit Today. This is phenomenal and powerful forum for gaining immediate feedback, ideas, and suggestions, relative to any credit topic under the sun, all in a real-time e-mail format."
-Javier Vela, Senior Credit Manager, Global Credit Services, JDA Software Group Inc.
"Being a part of the Credit Today online community is like having the expertise of hundreds of credit managers at your fingertips. These credit execs are willing to help you solve topical business issues as they arise. In the current environment of ever increasing competing priorities which reduce our opportunities to meet peers out of the office face-to-face, this is the most valuable tool you can have on your desktop! It's important that we have a mechanism to reach out to our counterparts quickly to exchange knowledge as well as to stay on top of industry trends."
- Victoria Artis, Director of Customer Financial Services, Pfizer, Inc.
"Over the last 10 years I've seen Credit Today evolve from a monthly credit publication into a quality source of information and guidance for the B2B credit community. The website, with its user friendly form downloads, will take you from examples of new account credit applications to bankruptcy forms and everything in between.
The Credit Today ListServ has become the pre-imminent online forum, providing an opportunity for discussion and comments (and occasional humor) from an impressive list of credit professionals."
David Dungan, Director of Credit
Justin Brands, Inc. (A Berkshire Hathaway company)
Fort Worth, Texas
"There are numerous credit periodicals available to the credit professional today. How good is Credit Today? Is it relevant? I always have to read it late, or online because my credit analysts want to read it the minute it comes in. When my staff wants to read a publication before I have a chance to read it then something is working in that publication. We have cancelled our other subscriptions. When you have the best you do not need the rest."
Ron Woods
Corporate Credit Manager-World Wide
Thales Navigation, Inc.
"The newsletter, coupled with the website and the ListServ, are to us, more valuable than any other credit publication, bar none. I try to use at least one article out of each newsletter for departmental training/discussion sessions."
D. Mark Constantine
Corporate Credit Mgr
Fulton Paper Company
"I love Credit Today and read every issue cover to cover. For me, the greatest perk of a subscription is ListServ. I believe Credit Today's ListServ members may be the most knowledgeable Credit brain trust in existence today. I have saved and categorized hundreds of contributions on a wide variety of topics which I refer to often. It's an easy and cost effective way to network and learn."
Doug M. Thomas
Kimberly-Clark Customer Financial Services |
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Bankruptcy Resources For Credit Managers
Here we've compiled a resource center on bankruptcy issues for trade credit managers - everything you'll need to know to face that unfortunate occurrence.
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Is our letter of credit at risk due to the IRS claim against our customer?
July 15, 2010
We just received a Notice of Levy for a substantial amount from the IRS for one of our marginal distributors. Apparently, he owes the IRS the money for payroll taxes. We happen to hold an Irrevocable Letter of Credit as collateral for the full amount of what this distributor owes us. Does anyone have an opinion on whether our Letter of Credit is at risk due to the IRS claim? The IRS claim is for approximately a quarter of our LOC. . . .
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Defending Against Bankruptcy Losses
Not many customers of Pennsylvania House Furniture Inc. (Greensboro, N.C.) go bankrupt, but those that do can hit the company very hard. "If it's a big customer, there can be a potential bad debt o . . .
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Sureties and Lienholders
Under a contract signed in April, 1998, Wellington Construction agreed to build an office complex on property owner by Fulton Partners for $1,109,000. The work was to be substantially completed by Jul . . .
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Lenders Beware: The Threat of Equitable Subordination in Bankruptcy Cases
May 20, 2010, By Lisa P. Sumner & Jill C. Walters
Desperate times call for desperate measures, so in the next few years lenders are likely to see more threats by debtors, bankruptcy trustees or competing creditors to subordinate their claims. Section 510(c) of the Bankruptcy Code grants the bankruptcy courts authority to relegate certain creditors' claims to the 'bottom of the barrel' in terms of priority of payment under the "equitable subordination" doctrine. However, exactly what constitutes sufficient grounds for equitable subordination in a particular case remains the subject of much dispute. This uncertainty, combined with the potential for a . . .
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Does This Constitute a Sale on Approval?
Congress Cabinets, Inc., a manufacturer of cabinets and other wood products, entered into an agreement with its primary supplier of wood products, James Fine Woods, for the delivery of three shipments . . .
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Preferences in Bankruptcy
In 1993, Savan Corporation financed the sale of three CASA 200-212 airplanes to London, Ltd., evidenced by three promissory notes and security agreements. Each note was in the principal amount of $1,8 . . .
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Creditors Right to Examine Debtor
Here's a case study that looks at the question of whether or not a creditor can go to the first meeting of creditors without a lawyer to ask questions without a lawyer. Does questioning of a debtor by a non-lawyer employee of a corporate creditor constitute the unauthorized practice of law? Find out here! . . .
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Prior to Bankruptcy we had received a Purchase Order authorizing us to bill for an "extended" parts warranty contract. Now what?
April 15, 2010
Prior to Bankruptcy we had received a Purchase Order authorizing us to bill for an "extended" (beyond the normal warranty period) parts warranty contract. We did bill the debtor for the extended warranty contract, prior to their Bankruptcy. Due the Bankruptcy which occurred later, we never did get payment covering the intended future extended warranty contract. If I am not mistaken, since this involves a future liability (service, repair or replacement) and since we never did get payment for this extended "insurance", we do have to honor this. I would appreciate some feedback from our membership. . . .
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Joint Check Agreements
By James D. Fullerton, Esq.
A common credit management devise is the joint check agreement. This requires the consent of more than one player on the construction project. The creditor supplier needs the consent of not only of the debtor customer, but also the customer's buyer (normally the general contractor). An owner or general contractor needs the consent of the debtor customer, but may also want agreements or waivers from the creditor supplier. The next important thing to understand about joint check agreements is that they vary tremendously in how they are worded. There is no such thing as a "standard" joint check agreement. You do not know what rights it gives you until you see it. . . .
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This month's topic: Credit Card Usage
Click here to participate!
We're examining:
- What percentage of credit departments are currently accepting credit cards
- What percentage of sales are paid via credit card
- The various ways by which credit cards can be accepted (phone, web interface, etc.)
- Which merchant accounts are most popular
- What discount rates are being charged
- Lessons-learned when setting up an account
- ... and much more!
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September 2010
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Webinars
