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A Bankruptcy Checklist
By Steven Kozack and Michael Dennis, CBF, MBA

Bankruptcy Articles
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Using a Preprinted Checklist

Managing the credit department's activities following a bankruptcy filing using a preprinted Checklist can save time and money, and more importantly doing so can prevent mistakes.

  • Important activities that should be included on the Checklist include:

  • Promptly sending a reclamation notice on shipments sent within ten days of the bankruptcy filing date.

  • Reviewing payments received from the bankrupt debtor within 90 days of the bankruptcy filing date to determine the potential amount of reclamation claims [if any]

  • Calculating how much product was shipped to this customer in the 90 days prior to the filing date

  • Reprinting copies of all invoices, debits and credits open on the filing date, along with at least two copies of the entire account statement.

  • Ordering proof of delivery on all open invoices

  • Promptly reviewing every document received from the Court to be sure that no action is required

  • Filing a Proof of Claim before the bar date

    • Including the required supporting documentation with the proof of claim

    • Completing it in its entirety

    • Signing the Claim

    • Send the Claim to the court by registered letter

    • Confirming your company's Claim was received and was filed by the court

    • Keeping a copy of every documentation sent to the court

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