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Fort Worth, Texas
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Mitsubishi Electric Automation, Inc. |
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Senior Credit Exec Email Forum Archives
Credit Today's Email-based Forum is a powerful braintrust of some of the smartest and most helpful credit execs around. We've captured the best of our Forum discussions here.
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How does DNBi work for you?
February 3, 2010
Our company has just acquired another company for which my group is handling their credit operations and we've also just merged another subsidiary's credit department into my group. Our contract with D&B is due to renew late this month, and we are considering upgrading from DnB's RAM system (which as worked well for us) to DNBi. I would like to know from users how DNBi works for them. I understand there have been some pricing/renewal fee issues, but I'd rather stay away from those issues and focus on using the product. We've received pricing quotations for the Account Manager and Decision Maker, and for Account Manager, Decision Maker and the Collections module. I'd be curious to hear: What features work well? What features don't work well? Has DNBi helped improve your department's efficiency? How easy is the product to use? How long did it take to get up and running on the software? . . .
keep reading
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We have a customer that wants to use a letter of credit issued by their company instead of a bank. What do you think?
January 12, 2010
We have a customer that wants to use a letter of credit issued by their company instead of a bank. They have an agreement with their bank in Hong Kong to review/receive documents only. They maintain that the L/C is still a legal document govern by UPC600 and The Private Letter of Credit will include this phrase: +THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS, INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION UCP600. Anyone else using this type of document? If so, is it secured in anyway other than the finances of the company that issued? . . .
keep reading
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What's you experience with deposit agreements?
December 23, 2009
A customer (now a debtor) has filed Chapter 11. They wanted us to become a critical vendor. We passed on the critical vendor agreement after running it past counsel. So they came up with a deposit agreement whereby (and this is new stuff to me, so bare with me) we would hold on deposit a certain amount, give them terms for future orders, and draw from the deposit IF they don't pay as agreed. Have any of you had experience with this? How does it affect preference? What's the effect should it convert to a 7 or should the debtor sell the company's assets? How does it affect the exisiting balance (adminstrative claim, etc)? . . .
keep reading
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Any advice on accepting a Letter of Credit issued by Bank of Guam?
December 23, 2009
We have a potential customer who has offices in the U.S. but will export our product to Guam. They would like for us to accept a Letter of Credit issued by the Bank of Guam who they advise us has an office in the U.S. Normally, we only accept a Letter of Credit issued by U.S. banks. I appreciate any advice on accepting a Letter of Credit issued by Bank of Guam. . . .
keep reading
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Under what circumstances can a creditor go after the Purchaser (The New Business) from an asset sale?
December 22, 2009
Can a creditor go after the Purchaser (The New Business) from an Asset Sale if the following is true: The New Business (Purchaser) did not keep the same business name. Same facility and some of the same workers (not senior mgmt). Prior business is not able to satisfy the debt of secured and unsecured debtors via the sale. Via the sale the prior business will have future streams of cash that may be able to pay at least portion of the debt owed. . . .
keep reading
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We wrote off a four-year-old credit balance. The new buyer of the company now wants cash.
December 11, 2009
I have a Credit Balance that was outstanding and just partially used for 2 years and was subsequently written off(on) per our AR procedures. The Customer was bought up and now, 2 more years later, the buying company is requesting the credit paid back in cash, when we generally just apply against an order. The buying company we really generally do not sell to. I am inclined to start out by denying the request. Are there any legal ramifications or footing for this? We have nothing in our Terms and Conditions related to this, so I have nothing to go on other that 4 years have past, and now this is being worked on. . . .
keep reading
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This month's topic: Processing of Credit Applications
Click here to participate!
We're examining:
- What information is being captured on credit applications
- What additional information is being requested during the credit app process (such as personal guarantees, financial statements, resale certificates, etc.)
- What the primary challenges are relative to the processing of credit apps
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