Description
Failure to understand the nature of business entities and the assets behind those entities may result in some hard lessons once an account is delinquent.
All too often, the difficulties faced by businesses in collecting commercial debts result from insufficient planning before credit is extended. Creditors who fail to understand the nature of the business entities to which they are selling goods and services and the persons and assets behind those entities may be in for some hard lessons once an account becomes delinquent. And it gets worse if the creditor fails to select legal counsel with particular experience in obtaining judgments and penetrating business entities determined not to pay. This presentation will assist business owners, financial officers, and credit managers with the development of credit applications and procedures understanding the particular risks of extending credit to corporations, limited liability companies, and partnership entities and methods to minimize those risks and implementing an effective collection strategy when an account becomes overdue. In addition to addressing the more traditional methods of enforcing money judgments, this topic will evaluate options unique to entity debtors, including receiverships, charging orders, and involuntary bankruptcy.
Date: 2023-09-20 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to describe how to develop a useful credit application.
* You will be able to explain how to plan and implement an effective collection strategy.
* You will be able to discuss the risks of extending credit and the methods to minimize risks.
* You will be able to identify bankruptcy issues.