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Sponsored by Lorman Education
Product ID: 408829EAU
 
Credit & Course Provided by:

Pre-Suit Collection Strategies

OnDemand Webinar (64 minutes)

Understand how to perform the necessary initial steps when credit is extended in order to increase the likelihood of successful collections later.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. These situations worsen if the creditor fails to select legal counsel with particular experience in obtaining judgments and penetrating business entities determined not to pay. This course will assist business owners, financial officers, and credit managers with the development of effective credit applications and procedures, and to understand the particular risks of extending credit to corporations, limited liability companies, and partnership entities. Methods to minimize those risks and how to plan and implement an effective collection strategy when an account becomes overdue will also be reviewed while emphasizing cost-effective collection planning and risky practices to be avoided.

Authors

Robert W. Pontz, Brubaker Connaughton Goss & Lucarelli

Agenda

Assessing and Minimizing Credit Risk

• Critical Information to Learn About the Customer and Its Assets

• Development of an Effective Credit Application

• Benefits of a Security Interest, Guaranty, and Letter of Credit

• Special Protection for Sellers of Inventory

Managing Credit Relationships

• Monitor Performance Systematically

• Communicate Early and Persistently

• Consider the Bankruptcy Preference Period

• Litigate Strategically

Planning an Effective Collection Strategy

• Know When to File Suit

• Identify the Defendants

• Consider the End Game

• Money Judgment vs. Enforcement of Property Rights

• Piercing and Reverse-Piercing of the Corporate Veil

Fair Debt Collection Practices

• Scope of Applicable Laws

• Required Notices

• Prohibited Practices

Questions and Answers