Masonry Magazine December 1985 Page. 35
Insurance
Insights...
Bankruptcy Questions May Pay Off
Bankruptcy-it can seem like a disaster. What do you do when it happens to one of your customers? Here is a brief checklist of questions to ask when a customer files for bankruptcy:
$ Was the information on which you extended credit to the customer accurate? If not, you may be able to petition the court for immediate repayment.
$ Is there reason to suspect that the customer used company assets for some other purpose? Of course, this isn't easy to establish, but if he or she bought other assets before filing, the court may seize those assets for creditors.
$ Are you on the official list of creditors? If so, you will share in the payments extracted by the court.
$ Is the money due you secured, and were the proper legal papers filed to effect the lien in a timely manner?
If one of your customers cannot pay because of bankruptcy, investigate. Asking the right questions may get you the money you are owed. Insurance & Risk Management Newsletter, Commercial Insurance Service, Inc., Charleston, W.Va.
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MASONRY-NOVEMBER/DECEMBER, 1985 35