Can you Reprint your Bankruptcy Checklist?
Answer: Here it is
1. Print an account statement
2. Reprint copies of all open invoices
3. Order proof of delivery on all open invoices
4. Send a reclamation demand on all ‘qualified’ shipments
The process by which a seller demands that an insolvent buyer return goods
purchased on credit.
5. Reviewing payments received from the debtor or business entity that owes
money. within 90 days of the bankruptcy filing date to determine the potential
amount of preference claims
6. Calculating how much product was shipped to this customer in the 90 days
prior to the filing date and determin exactly when it was shipped
7. Check for personal guarantees and if you find one contact the guarantor
to demand payment
8. If you are a secured creditor, contact an attorney to discuss your rights
and your options
9. Promptly review every document received from the Court or the debtor
10. Promptly file your Proof of Claim A right to payment or other equitable
remedy Relates to the judicial means or court procedures by which legal and
equitable rights are enforced. in the event of a breach of contract . . .
and include copies of supporting documentation and sign it
11. Follow up to confirm that your Proof of Claim was filed
Financial and commercial documents such as drafts, commercial invoices, packing
lists, bills of lading, insurance certificates, etc. In Letter of Credit
transactions, banks deal with documents alone and are not involved in underlying
sales agreements.
commercial documents
Documents, such as commercial invoices, certificates of origin, packing lists,
bills of lading, etc., usually covering a merchandise transaction. such as
drafts, commercial invoices, packing lists, bills of lading, insurance certificates,
etc.
In Letter of Credit A financing instrument
A right to the payment of money such as agency notes
commercial paper
The unsecured promissory notes of large, financially sound corporations. r,
T-Bills, certificates of deposit (CD's), banker's acceptances and repurchase
agreements. issued by a bank in favor of an
exporter
The person or company that sells or arranges to transport goods out of a country.
that substitutes the bank's creditworthiness for that of the importer. t transactions,
banks deal with documents alone and are not involved in underlying sales agreements.
12. Determine under what terms and conditions you will sell to the bankrupt
debtor
13. Set up a new account – a separate account – for post petition
sales
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