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Commercial Debt Collection Techniques and Compliance

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.

69 minutes
Certificate of Completion
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Why Lorman?

Over 34 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

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
    • SelfHelp 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
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Why Lorman?

Over 34 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 Course

This course was last revised on June 14, 2019.

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

  • WA CLE 1.25
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.25 hours of A/V credit under the Law & Legal Procedure category.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

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

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Why Lorman?

Over 34 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

Emily M. Coyle

Emily M. Coyle

Plunkett Cooney, P.C.

  • Member of Plunkett Cooney, P.C.’s Banking, Bankruptcy and Creditor Rights Practice Group
  • Focuses practice primarily on the collection of commercial loans and debts along with loan modifications and workouts
  • Represents a large range of clients in litigation involving commercial debts from national banks to small businesses, and she remains active in the Federal Bar Association, American Bankruptcy Institute, and Debtor/Creditor Committee of the Oakland County Bar Association
  • Presented workshops on various collection issues from fraudulent transfer litigation to the benefits of receiverships, and foreclosure law
  • J.D. degree, magna cum laude, Western Michigan University Cooley Law School; B.S. degree, Juniata College
  • Can be contacted at 248-594-8613 or [email protected]oney.com
Michael A. Fleming

Michael A. Fleming

Plunkett Cooney, P.C.

  • Partner in Plunkett Cooney, P.C.’s Banking, Bankruptcy and Creditor Rights Practice Group who has represented creditors in bankruptcy for over 35 years
  • Represents clients in numerous aspects of commercial and secured transactions, including loan workouts, foreclosures and commercial loan collections, as well as business reorganizations and creditors' rights as well as business bankruptcy reorganizations
  • Named a Best Lawyer in America for bankruptcy and creditor debtor rights every year since 2015 and has achieved the highest rating in the Martindale-Hubbell Law Directory
  • Member of Turnaround Management Association and American Bankruptcy Institute
  • J.D. degree, cum laude, Wayne State University Law School; B.A. degree, magna cum laude, University of Michigan-Dearborn
  • Can be contacted at 248-901-4095 or [email protected]
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Why Lorman?

Over 34 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.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!


  • OnDemand Courses
  • Live Webinars
  • MP3 Downloads
  • Course Manuals
  • Executive Reports
  • White Papers and Articles

Additional benefits include:

  • State Specific Credit Tracker
  • All-Access Pass Course Concierge

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 406134
Published 2019
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