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Home | Bankruptcy Issues Search 
Equifax
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.

Heading Off Bankruptcies - And Worse
"People have really become acclimated to home equity loans," notes another West Coast credit manager. "They can put all their debts together and deduct the interest from their taxes. Instead of having . . . keep reading
Reaffimation
Charlie Brand, of Brand Farm Equipment, was delighted when he received Phil White's monthly payment on his tractor. Phil had just filed for bankruptcy, and Charlie had anticipated the usual struggle o . . . keep reading
When Is a Committee Not a Committee for Bankruptcy Rule 2019 Purposes? Courts Are Split 3 to 3 And The Debate Continues...
February 5, 2010
When Is a Committee Not a Committee for Bankruptcy Rule 2019 Purposes? Courts Are Split 3 to 3 And The Debate Continues... Although 2010 is still young, the bankruptcy courts have been busy interpreting Rule 2019 of the Federal Rules of Bankruptcy Procedure as it applies to ad hoc groups of creditors in bankruptcy cases. A ruling issued on February 4, 2010, in In re Philadelphia Newspapers, LL, Case No. 09-11204 (Bankr. E.D.Pa.) found Rule 2019 applies to ad hoc groups. The score is now tied at three to three. While each of the six courts that have considered Rule 2019 based their decisions on the "plain meaning" of the rule, they are split on exactly what is Rule 2019's "plain meaning." . . . keep reading
Dealing With Involuntary Bankrupts
It happens at least once a year. I find out after the fact that a customer that owes me money has been placed into involuntary bankruptcy (Chapter 7 bankruptcy) by its creditors. Trade creditors not . . . keep reading
Involuntary Bankruptcy Petitions
"Harry, have you had any luck getting money out of Joe Prichard?" "Funny you should ask me that, Pete. I was just about to call him to see what was going on." Harry Dunn ran an engine repair bus . . . keep reading
Kelson Channelview LLC v. Reliant Energy Channelview LP: When Negotiating a Break-up Fee in a Stalking Horse Bid, Make Sure it Meets Section 503(B)'s "Necessary to Preserve Value" Test
January 20, 2010
Kelson Channelview LLC v. Reliant Energy Channelview LP: When Negotiating a Break-up Fee in a Stalking Horse Bid, Make Sure it Meets Section 503(B)'s "Necessary to Preserve Value" Test The term "stalking horse" originally referred to a horse or type of screen a hunter used to conceal his position from intended prey. Today the term takes a new meaning altogether thanks to its application in the bankruptcy context. A modern day "stalking horse" is an interested buyer of a debtor's assets who is offered incentives for being the first to announce its intent. As the initial bidder, the stalking horse sets the minimum purchase price and other terms of the transaction. Often included in the stalking horse bid are reimbursements for the stalking horse bidder's expenses incurred in connection with the transaction, a break-up fee equal to some percentage . . . keep reading
Risks of Allowing Delinquent Customers to Return Goods
The conventional wisdom is that, when dealing with a troubled account, you accept payment--any payment--now and worry about giving it back to the bankruptcy trustee later. But did you know that you're . . . keep reading
Company Name Changes Can Be Costly
"Thank you for calling Top-Notch Textiles, how may I help you?" "Oh, I'm sorry," stammered Tess Jenkins. "I must have dialed the wrong number. I thought I was calling Cross Manufacturing." "You . . . keep reading
What are the Disclosure Requirements for Bankruptcy?
"I'm sorry you had to see that," said Mattison. "I'm sure it wasn't easy watching your farm equipment and vehicles being sold off." "Nope," answered Chester. "But once you filed for bankruptcy, . . . keep reading
Bankruptcy, Financial Reorganization & Creditors' Rights Department
Potential Benefit to Unsecured Creditors From the Worker, Homeownership, and Business Assistance Act of 2009. There is something for everyone in the suitably named Worker, Homeownership, and . . . keep reading
Pension Plan Termination Premium Claims May Not Be Dischargeable in Bankruptcy
December 21, 2009
Pension Plan Termination Premium Claims May Not Be Dischargeable in Bankruptcy The Supreme Court declines to review a circuit court decision in Oneida Ltd., which held that a debtor cannot discharge in bankruptcy, as a prepetition claim, premiums it owes to the Pension Benefit Guaranty Corporation in connection with the termination of a pension plan. Introduction
Many companies seeking Chapter 11 protection in the recent economic downturn included among their woes large unpaid defined benefit pension obligations. These woes were compounded by the employers' inability to stay current with ongoing pension contributions owed to their tax-qualified pension plans. Benefit obligations under most tax-qualified pension plans are insured up to . . .
keep reading
Intercreditor Agreements: Cementing Priorities and Silencing Objections
December 8, 2009
Intercreditor Agreements: Cementing Priorities and Silencing Objections Corporate capital structures now commonly incorporate multiple tiers of secured debt. First-, second-, and third-lien secured tranches take the place of traditional, single-layer secured debt followed by varying tiers of unsecured and subordinated instruments. Absent a contractual arrangement allocating rights across the capital structure, the lien priorities of the various classes of secured creditors will determine their relative rights. This presents an opportunity for conflict when . . . keep reading
What's a Notice of Election Form?
December 4, 2009
We are a creditor in a multi-state, bankruptcy that has been put into SEC Receivership. We have a secured claim in excess of 50K. I have been asked to complete a "Notice of Election Form." Can anyone offer some insight? . . . keep reading
I am looking for a collection attorney that covers the following states -- CA, NV, HI and AZ, preferably the most aggressive team of lawyers that have good reputations for winning their cases.
December 4, 2009
I am looking for a collection attorney that covers the following states -- CA, NV, HI and AZ, preferably the most aggressive team of lawyers that have good reputations for winning their cases. I have some past-due balances that we have exhausted with collection agencies and would like to start legal proceedings immediately. However, I would prefer to have them work on contingency. They get paid when the case is won. I also have a company with a Note agreement that may not pay and I want to get ready just in case they do not pay. We really need a "pit bull" attorney that knows the ins and outs of commercial collections, UCC, security, note agreements, PMSI, bankruptcy. Please let me know if you know of a firm that may be able to assist me. . . . keep reading
Wrong Names on Financing Statements
Credit Manager Sam Seeley saw no reason for alarm when Jones Tire went bankrupt. Sam's company had sold Jones a forklift six months before, and Jones still owed more than $12,000 on it. But Sam was a . . . keep reading
The Right to Set Off
When Rick Harold was downsized out of his corporate marketing position and set up his own consulting operation, he needed some sophisticated software developed in a hurry. And he knew that his old fri . . . keep reading
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