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Sponsored by Lorman Education
Product ID: 406134EAU
 
Credit & Course Provided by:

Commercial Debt Collection Techniques and Compliance

OnDemand Webinar (69 minutes)

Gain an understanding of the collection process and how to collect on the outstanding amounts owed through judicial and nonjudicial methods.When a commercial business defaults on a loan or other contractual agreement, and it is apparent that payment will not be forthcoming, time is of the essence to preserve the creditor's rights and begin the collection process immediately. This topic will explore the collection process to understand how to preserve the creditor's rights and then how to efficiently and effectively collect the outstanding amounts owed through judicial and nonjudicial methods. The content will discuss collection both judicial and nonjudicial and when each is appropriate. Failing to understand the available collection methods for commercial debts and to act quickly can cause delays and expenses that are unnecessary. This topic is critical for commercial businesses and lending institutions so they can understand the various collection methods available and the situations when each should be employed.

Authors

Emily M. Coyle, Plunkett Cooney, P.C. Michael A. Fleming, Plunkett Cooney, P.C.

Agenda

Beginning Collection Process - Preliminary Issues

• Understanding the Legally Relevant Documents

• When Is Notice Required Prior to Collections?

• Judicial vs. Nonjudicial Remedies (Pros and Cons)

Nonjudicial Collection Remedies

• Debts Secured by Real Property

- Foreclosure by Advertisement (State Specific)

- Assignment of Rents

- Self-Help Remedies

• Debts Secured by Personal Property

- UCC Article 9 Sale

- Setoff/Recoupment Rights

Judicial Collection Remedies

• Possible Claims for Litigation

- Judicial Foreclosure

- Claim and Delivery/Replevin

• Post-Judgment Collection Methods

- Judicial Seizure of Assets

- Garnishments

- Creditor's Examination

Receiverships

• Determining If a Receiver Is Necessary and Appropriate

• Removes Debtor From Control of the Business and Collateral

• Potential Ability to Sell Business as a Going Concern

• Avoiding Potential Environmental Issues and Other Benefits

Individual Guarantors

• Creditor's Examinations

• Judgment Liens

• Garnishments

• Procedural Pitfalls and Exemptions

Bankruptcy Issues

• Business Bankruptcies - What to Look for and How to Protect Your Interests

• Individual Bankruptcies - Cost/Benefit Analysis of Active vs. Passive Participation