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Collection Strategies: When Assets Are Held In Corporations and Limited Liability Companies

Creditors who fail to understand the nature of business entities and the assets behind those entities may be in for some hard lessons once an account becomes 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. 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 information will assist business owners, financial officers and credit managers with (i) the development of credit applications and procedures, (ii) understanding the particular risks of extending credit to corporations, limited liability companies and partnership entities and methods to minimize those risks and (iii) 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.

Runtime: 58 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Assessing and Minimizing Credit Risk

  • How to Develop a Useful Credit Application
  • What to Learn About the Owners and Assets of an Entity Customer
  • When to Require a Security Interest, Guaranty or Letter of Credit
  • How to Achieve Special Protection for Sellers of Inventory

Planning an Effective Collection Strategy

  • Knowing When It Is Time to File Suit
  • Identifying the Defendants
  • Obtaining a Money Judgment vs. Enforcement of Property Rights
  • Evaluating Piercing and Reverse-Piercing of the Corporate Veil

Enforcement of Judgments Against Business Entities

  • Shock and Awe vs. Discovery in Aid of Execution
  • Attachment of Bank Accounts and Other Property Rights
  • Executing Against Stock, Partnership Shares and LLC Memberships
  • Bankruptcy Issues
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on August 16, 2016.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.0
     
  • CA MCLE 1.0
     
  • GA CLE 1.0
     
  • HI CLE 1.0
     
  • IL CLE 1.0
     
  • ME CLE 1.0
     
  • MO CLE 1.2
     
  • MT CLE 1.0
     
  • NJ CLE 1.2
     
  • NV CLE 1.0
     
  • OR CLE 1.0
     
  • VT CLE 1.0
     
  • WA CLE 1.0
     
  • WV MCLE 1.2
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Robert W. Pontz

Robert W. Pontz

Brubaker Connaughton Goss & Lucarelli

  • Founding partner of Brubaker Connaughton Goss & Lucarelli, Lancaster, Pennsylvania
  • Practice emphasizes commercial collections, representation of creditor interests in business bankruptcies and business counseling
  • Frequent local and regional speaker at seminars covering advanced collection topics and commercial bankruptcy
  • Admitted in Commonwealth of Pennsylvania and Eastern and Middle Districts of Pennsylvania
  • Active member of American Bankruptcy Institute and Eastern and Middle District of Pennsylvania Bankruptcy Conferences
  • Named a “Select Lawyer” in bankruptcy and creditors’ rights law by Susquehanna Style magazine
  • J.D. degree, cum laude, Washington and Lee School of Law; B.A. degree, with honors, College of William and Mary
  • Can be contacted at 717-945-5745 or [email protected]
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Product ID: 397617
Published 2016
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