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Our Subscribers Say...
I think Credit Today is fantastic. You cover many practical topics in the credit field that I use regularly. Just one recent example—a conversation on the ListServ about preferential payments—gave me tips that I used in an actual case. The specific information I picked up from this one discussion saved me $10,000, enough to cover my membership for many years!
- Steve Savino
Manager of Credit & Collections, ASSA Abloy Americas Division, New Haven, CT
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."
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Credit Manager, Big Lots Stores, Inc., Wholesale Division
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The Credit Today ListServ has become the pre-eminent 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
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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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Trade Credit Makes Its Case at NACM Credit Congress ABI Commission Hearing
May 22, 2013
Columbia, MD: Representatives from the unsecured trade credit community made their case for bankruptcy reform this week when they testified at a May 21 field hearing of the American Bankruptcy Institute's (ABI's) Commission to Study the Reform of Chapter 11, held at the National Association of Credit Management's (NACM's) 117th Annual Credit Congress and Exposition in Las Vegas. . . .
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Center of Main Interest - The Second Circuit Weighs In
By: Sharon L. Levine, Esq., S. Jason Teele, Esq., and Cassandra M. Porter, Esq.
in a recent decision, Morning Mist Holdings Limited v. Krys (In re: Fairfield Sentry Ltd), 11-4376 (2nd Cir. April 16, 2013), the Second Circuit affirmed the rulings of both the Bankruptcy Court and the District Court wherein both courts held Fairfield Sentry Limited ("Sentry") had its center of main interest ("COMI") in the British Virgin Islands ("BVI"). Accordingly, Sentry's previously filed liquidation in the BVI would be recognized under Chapter 15 of the Bankruptcy Code and the automatic stay would apply to any proceedings filed in the United States pursuant to sections 362 and 1520 of the Bankruptcy Code. . . .
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Bankruptcy Proof of Claim: What You Need to Know
By Loral Narayanan
Filing a proof of claim is essential to the bankruptcy process. Mishandling this critical step can effect its acceptance by the Bankruptcy Court as well as limit, or even negate, your chances of receiving a payout. Fortunately, the requirements governing filing a proof of claim are some of the most straightforward sections of the U.S. Bankruptcy Code (Sections 501 and 502). If you haven't had a bankrupt debtor in the past year, be aware that the claim form and its informational requirements changed effective December 1, 2011. You will want to make note of this since sanctions can be imposed for failure to comply with the new rules. Additional details regarding these changes are outlined later in this article. . . .
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Friedman's Court Decision on Subsequent New Value and Its Implications to Trade Vendors
Peter M. Sweeney, Esq.
On November 30, 2011, Judge Christopher S. Sontchi of the United States Bankruptcy Court for the District of Delaware, issued a decision on a Motion for Summary Judgment in the Friedman's Inc. v. Roth Staffing Companies LP (In re Friedman's Inc.) case which has led to contentious debate by bankruptcy professionals as to its implications for the future. The issue in Friedman's of greatest import to trade vendors is a determination of when the analysis of the subsequent new value defense to a claim of preferential transfer becomes fixed. Judge Sontchi, in reliance upon In re New York City Shoes, Inc., 880 F.2d 679 (3d Cir. 1989), correctly fixed the preference analysis as of the date a bankruptcy petition is filed by a debtor(s). . . .
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Philadelphia Bankruptcy Judge Rejects Trustee's Unreasonably Narrow Range in Evaluating Ordinary Course of Business Defense
By David Mannion, Esq.
As most vendors will be painfully aware, payments they receive during the 90 day period before a debtor files bankruptcy can later be recovered by the debtor's bankruptcy trustee in a preference action under 11 U.S.C. § 547(b). Perhaps the most common defense to such an action is that the payments are not recoverable because they were made in a manner that was "subjectively ordinary" between the parties. That is to say, the characteristics of the payments the creditor received from the debtor during the 90 day period were consistent with the characteristics of payments they received from the debtor prior to the 90 day period (the "historical period"). . . .
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I have a preference issue and need an independent expert witness.
December 17, 2012
I have a preference issue with a bankrupt apparel liquidator, and we are going for an "ordinary course of business" defense. The issue at hand is if Net 90-day terms are ordinary terms for apparel liquidators. Our terms with different liquidators vary slightly depending on whether they have their own doors or not and what can be negotiated. The attorney is looking for an "independent expert witness" who has knowledge in this area (besides me, as I am not "independent"). I have already reached out to CRF and my various trade organizations. Any input you have is greatly appreciated. . . .
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A Creditor's Attorney's Fees May Be Paid By The Estate Through A Chapter 11 Plan
Ronald A. Clifford, Esq.
Most trade vendors are acutely aware of the American Rule regarding the awarding of attorneys' fees in litigation, which rule states that, as a general proposition, and absent a written agreement to the contrary, parties in litigation bear their own attorneys' fees. What is more, and to the contrary, the concept of a Chapter 11 bankruptcy estate being responsible for the attorneys' fees of key players (i.e., creditors' committees and the debtor) in a Chapter 11 case is also a familiar concept to most trade vendors. Counsel to unsecured creditors' committees and counsel to the Chapter 11 debtors have their fees paid by the estate as an administrative expense priority claim, because, the Bankruptcy Code reasons, their efforts benefit the estate. . . .
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Putting Ordinary Back into the Ordinary Course of Business Defense
Bradley D. Blakeley, Esq.
Controllers and credit managers are always searching for insight on what facts courts consider to be within the ordinary course of business, and Continental AFA Liquidation Trust ("Plaintiff") v. Human Resource Staffing, LLC ("Defendant") provides just that. A common complaint is that the U.S. preference laws simply do not make sense. The U.S. Bankruptcy Court in the Eastern District of Missouri provides a thorough review of the evidence Defendant provides in support of its asserted subjective and objective ordinary course of business defenses. As set forth below, the Court strongly emphasizes the consistency of a variety of factors when analyzing the pre-preference and preference periods in connection with the ordinary course of business defense. When consistency in the factors is found, the creditor will prevail. . . .
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Debtors May Not Be Able to Keep the Keip
By: Paul Kizel, Esq., Sharon L. Levine, Esq., and Elie J. Worenklein, Esq.1
In two recent decisions,2 the United States Bankruptcy Court for the Southern District of New York denied motions by large chapter 11 debtors to approve executive bonus plans designated as key employee incentive plans ("KEIP"), finding that the proposed KEIPs actually were disguised and impermissible retention or "pay to stay" bonus plans for insiders. These are the first opinions to reject so-called KEIPs following a recent line of cases that have approved KEIPs for insiders. . . .
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Show Me The Money! Recent Changes to Post-Judgment Collections in North Carolina
By Jill C. Walters and Julie W. Hampton
Executing on civil judgments in North Carolina became more difficult in late 2011 when the Administrative Office of the Courts advised all district and superior court judges, as well as all clerks of court, that ex parte orders in aid of execution (orders made without notice to the opposing party) should no longer be issued. . . .
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The PPA Does Not Prevent Employers From Withdrawing From a Pension Plan In "Critical Status"
By: Sharon L. Levine, Esq., Wojciech F. Jung, Esq. and Shirley Dai, Esq.
In Trustees of Local 138 Pension Trust Fund v. F.W. Honerkamp Co. Inc., (2d Cir. Aug. 17, 2012), the Second Circuit Court of Appeals unanimously affirmed a District Court finding that the Pension Protection Act of 2006 (the "PPA") does not prevent an employer from withdrawing from a multiemployer pension plan that reaches "critical status."1 Addressing an issue of first impression, the Second Circuit rejected the Fund's requirement that the employer make ongoing pension contributions pursuant to the Fund's rehabilitation plan. . . .
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Bankruptcy Issues
