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No mistakes please! When your customer files bankruptcy, take action.(Credit Column)
Economists are restating their forecasts and predicting that the economy may continue through difficult financial times, which means the credit professional may be juggling more delinquent accounts and, ultimately, more bankruptcies. News of a customer's bankruptcy can be devastating to a vendor selling on credit. However, there may be a number of cost-effective steps a vendor may take to maximize recovery on the credit sale upon learning of the customers bankruptcy filing. Importantly, should the vendor fail to take action, or if mistakes are made, the value of the claim may be lost.
This article discusses common mistakes a credit professional could make when a ...
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