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A commercial receivable arises when a business – from as small as a sole proprietorship to as large as a multi-national corporation – takes out a loan. If the loan goes into default, the commercial debt collection process begins.
Commercial and business loans come from a variety of sources and can be secured and unsecured, depending on the purpose of the loan. There are also several government agencies – like the Small Business Administration – that back or guarantee certain types of loans.
The International Association of Commercial Collectors, Inc. (IACC), the world’s largest international trade association for commercial debt collection companies, is pleased to announce that Coface Collections North America, Inc. of Kenner, Louisiana has successfully completed the process to become an IACC Certified Commercial Collection Agency on April 24, 2013.
Harvest Strategy Group Inc. is pleased to announce that they have been selected by GM Financial as its service provider for a national litigation recovery program. HSG was chosen after a lengthy and thorough due diligence process. CEO David Ravin stated: “We are very proud to have been selected by GM Financial to meet their legal [...]
Whether to sell your business or not, that was the question. You and your team labored long and hard, building a successful middle-market business and now you’re at the point in your career when you’ve decided that you want to sell it. Should you sell to a strategic, financial or an industry buyer? Lions and tigers and bears, oh my! Not quite, but the choices could be overwhelming.
The Commercial Collection Agency Association reported Wednesday that accounts placed with CCAA members increased only slightly in 2012. The total dollars placed for collection increased by approximately 1.09% and the number accounts increased by less than one percent.
Today, February 25, 2013, The National List published the white paper on debt collection law in Iowa, written by attorneys Mark U. Abendroth and Thomas E. Sherzan, and their law firm Abendroth and Russell, P.C. The firm has been a member of The National List since 1996. Founded in 1987, Abendroth and Russell, P.C. is [...]
Experian®, the leading global information services company, today announced new enhancements to its Collections Recovery Tool(SM), a commercial skip-tracing service that increases opportunities for collections professionals to collect on outstanding obligations
If you have to sue your business customer for unpaid invoices, would you rather sue where your company is located or where the debtor company is located? That’s a decision that can have far-reaching implications down the line.
Many small business owners form a corporation or LLC primarily so that only the entity is liable for the business’s debts and their personal assets are shielded from the business’s liabilities. We all hear stories about “piercing the corporate veil” to create personal liability for a small business debt. The story-tellers typically share with glee how they ‘nailed’ the owner and eventually got paid. In my experience, this is more myth than reality.
The International Association of Commercial Collectors (IACC) is hosting its 42nd Annual Convention on Jan. 16-18, 2013, at the Eden Roc Renaissance Miami Beach in Miami Beach, Fla. The IACC Annual Convention brings together commercial collection leaders from around the world and provides the opportunity for discussion on important topics of interest to the industry. [...]
An ARM company recently won a court case that validated a simple personal guaranty and resulted in the recovery of over $15,000 even though the corporation had ceased operating. Not everyone will agree to sign a personal guaranty. But it is easy to ask for, and on occasion you are likely to recover money solely because you have the guaranty.