Optimizing Your Receivables: Using Lessons from Trying Times Presented by Kegler Brown Hill & Ritter June 10, 2009
What is the Deal? Presented by John Brody Kegler, Brown, Hill & Ritter June 10, 2009
Speed Counts Presented by Stephanie P. Union Kegler, Brown, Hill & Ritter June 10, 2009
Steps for Prompt Collection    <ul><li>Keep Close Eye on Receivables </li></ul><ul><ul><li>Easier to Collect when “Younger...
Improving your Position by Agreement and Taking Security <ul><li>Credit Applications  </li></ul><ul><ul><li>Get as much in...
Collection Via Litigation <ul><li>Small Claims Court </li></ul><ul><ul><li>$3000 or less </li></ul></ul><ul><ul><li>Can pu...
Collection Via Litigation (Cont’d) <ul><li>If no response, obtain a Default Judgment. </li></ul><ul><li>Still need to coll...
Finding Those Assets Presented by Christy Prince Kegler Brown Hill & Ritter June 10, 2009
Finding Those Assets <ul><li>Using online research to find assets </li></ul><ul><ul><li>Real Estate </li></ul></ul><ul><ul...
Finding Those Assets <ul><li>Using online research to find assets, continued </li></ul><ul><ul><li>Courts </li></ul></ul><...
Finding Those Assets <ul><li>Using online research to find assets, continued </li></ul><ul><ul><li>People/Business Searche...
Finding Those Assets <ul><li>Using online research to find assets, continued </li></ul><ul><ul><li>People/Business Searche...
Finding Those Assets <ul><li>Using online research to find assets, continued </li></ul><ul><ul><li>Personal Property </li>...
Finding Those Assets <ul><li>Using online research to find assets, continued </li></ul><ul><ul><li>Address/Phone Searches ...
Discovery of Assets Through the Court <ul><li>Judgment debtor exam to find assets </li></ul><ul><ul><li>Forces a party or ...
Discovery of Assets Through the Court <ul><li>Discovery from Third Persons </li></ul><ul><ul><li>Banks </li></ul></ul><ul>...
Q&A <ul><li>John Brody </li></ul><ul><ul><li>[email_address] </li></ul></ul><ul><li>Stephanie Union </li></ul><ul><ul><li>...
Thank You!
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Optimizing Your Receivables: Using Lessons From Trying Times

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Kegler Brown's creditors' rights and bankruptcy attorneys presented this seminar to a full house on 6/10/2009. Topics covered included an overview of collections in today's economy, the necessity of critical contract terms and negotiations, and resources that every credit manager can use to improve his or her collections process.

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Transcript of "Optimizing Your Receivables: Using Lessons From Trying Times"

  1. 1. Optimizing Your Receivables: Using Lessons from Trying Times Presented by Kegler Brown Hill & Ritter June 10, 2009
  2. 2. What is the Deal? Presented by John Brody Kegler, Brown, Hill & Ritter June 10, 2009
  3. 3. Speed Counts Presented by Stephanie P. Union Kegler, Brown, Hill & Ritter June 10, 2009
  4. 4. Steps for Prompt Collection    <ul><li>Keep Close Eye on Receivables </li></ul><ul><ul><li>Easier to Collect when “Younger” </li></ul></ul><ul><li>Demand Letters </li></ul><ul><ul><li>From you </li></ul></ul><ul><ul><li>From an attorney </li></ul></ul><ul><ul><li>Act on them if no response </li></ul></ul>
  5. 5. Improving your Position by Agreement and Taking Security <ul><li>Credit Applications </li></ul><ul><ul><li>Get as much info as you can </li></ul></ul><ul><li>Security Agreements </li></ul><ul><ul><li>Think outside of the box in taking security: real property, vehicles, IP, A/R, etc. </li></ul></ul><ul><li>Forbearance Agreements </li></ul><ul><ul><li>Agree to a repayment schedule and hold debtors to that plan </li></ul></ul>
  6. 6. Collection Via Litigation <ul><li>Small Claims Court </li></ul><ul><ul><li>$3000 or less </li></ul></ul><ul><ul><li>Can pursue without counsel </li></ul></ul><ul><li>Municipal Court </li></ul><ul><ul><li>$15,000 or less </li></ul></ul><ul><ul><li>Must have counsel if corporation </li></ul></ul><ul><li>Common Pleas </li></ul><ul><ul><li>No limit on monetary recovery </li></ul></ul><ul><ul><li>Must have counsel if corporation </li></ul></ul>
  7. 7. Collection Via Litigation (Cont’d) <ul><li>If no response, obtain a Default Judgment. </li></ul><ul><li>Still need to collect the judgment </li></ul><ul><ul><li>Via wage garnishments </li></ul></ul><ul><ul><li>Via bank account garnishments </li></ul></ul><ul><ul><li>Via attachment of assets </li></ul></ul>
  8. 8. Finding Those Assets Presented by Christy Prince Kegler Brown Hill & Ritter June 10, 2009
  9. 9. Finding Those Assets <ul><li>Using online research to find assets </li></ul><ul><ul><li>Real Estate </li></ul></ul><ul><ul><ul><li>County Auditors' Association of Ohio </li></ul></ul></ul><ul><ul><ul><ul><li>Research ownership interest in real property </li></ul></ul></ul></ul><ul><ul><ul><ul><li>www.caao.org/ </li></ul></ul></ul></ul><ul><ul><ul><li>Ohio Recorders' Association </li></ul></ul></ul><ul><ul><ul><ul><li>Research records recorded with the County such as deeds, mortgages </li></ul></ul></ul></ul><ul><ul><ul><ul><li>www.ohiorecorders.com </li></ul></ul></ul></ul><ul><ul><ul><li>Public County Land Documents </li></ul></ul></ul><ul><ul><ul><ul><li>Research records recorded with the county such as deeds, mortgages; several Ohio counties, but a few other states as well </li></ul></ul></ul></ul><ul><ul><ul><ul><li>www.landaccess.com </li></ul></ul></ul></ul>
  10. 10. Finding Those Assets <ul><li>Using online research to find assets, continued </li></ul><ul><ul><li>Courts </li></ul></ul><ul><ul><ul><li>United States Courts </li></ul></ul></ul><ul><ul><ul><ul><li>District, Bankruptcy and Appellate Courts; Public Defender's offices </li></ul></ul></ul></ul><ul><ul><ul><ul><li>www.uscourts.gov/courtlinks/ </li></ul></ul></ul></ul><ul><ul><ul><li>Also available through PACER Service Center </li></ul></ul></ul><ul><ul><ul><ul><li>Requires log-in, password and fees of $.08 per page of records accessed </li></ul></ul></ul></ul><ul><ul><ul><ul><li>http://pacer.psc.uscourts.gov/ </li></ul></ul></ul></ul><ul><ul><ul><li>Ohio Judicial Conference </li></ul></ul></ul><ul><ul><ul><ul><li>Ohio court links </li></ul></ul></ul></ul><ul><ul><ul><ul><li>www.ohiojudges.org/ </li></ul></ul></ul></ul>
  11. 11. Finding Those Assets <ul><li>Using online research to find assets, continued </li></ul><ul><ul><li>People/Business Searches: </li></ul></ul><ul><ul><ul><li>DocuSearch Investigations </li></ul></ul></ul><ul><ul><ul><ul><li>300 links to on-line databases: people/business searches; telephone searches; US Government links; postal links; state links; federal agencies; Better Business Bureau, etc. </li></ul></ul></ul></ul><ul><ul><ul><ul><li>www.docusearch.com/free.html </li></ul></ul></ul></ul><ul><ul><ul><li>ChoicePoint/AutoTrack XP </li></ul></ul></ul><ul><ul><ul><ul><li>People and business searches; requires log-in, password and fees </li></ul></ul></ul></ul><ul><ul><ul><ul><li>http://atxp.choicepoint.com/ </li></ul></ul></ul></ul><ul><ul><ul><li>Edgar Online </li></ul></ul></ul><ul><ul><ul><ul><li>SEC Filings; free trial </li></ul></ul></ul></ul><ul><ul><ul><ul><li>http://freeedgar.com/ </li></ul></ul></ul></ul>
  12. 12. Finding Those Assets <ul><li>Using online research to find assets, continued </li></ul><ul><ul><li>People/Business Searches </li></ul></ul><ul><ul><ul><li>Hoover's On-Line </li></ul></ul></ul><ul><ul><ul><ul><li>Search company information - a D&B company </li></ul></ul></ul></ul><ul><ul><ul><ul><li>www.hoovers.com/free/ </li></ul></ul></ul></ul><ul><ul><ul><li>Dunn & Bradstreet </li></ul></ul></ul><ul><ul><ul><ul><li>Requires permissive use and fees </li></ul></ul></ul></ul><ul><ul><ul><ul><li>www.dnb.com/us/ </li></ul></ul></ul></ul><ul><ul><ul><li>Secretaries of State </li></ul></ul></ul><ul><ul><ul><ul><li>Business searches and UCC searches </li></ul></ul></ul></ul><ul><ul><ul><ul><li>www.nass.org/ </li></ul></ul></ul></ul>
  13. 13. Finding Those Assets <ul><li>Using online research to find assets, continued </li></ul><ul><ul><li>Personal Property </li></ul></ul><ul><ul><ul><li>Ohio Secretary of State UCC filings </li></ul></ul></ul><ul><ul><ul><li>www.sos.state.oh.us </li></ul></ul></ul><ul><ul><li>Patents & Trademarks - U.S. Patent and Trademark Office </li></ul></ul><ul><ul><ul><li>www.uspto.gov </li></ul></ul></ul>
  14. 14. Finding Those Assets <ul><li>Using online research to find assets, continued </li></ul><ul><ul><li>Address/Phone Searches </li></ul></ul><ul><ul><ul><li>Search addresses and telephone numbers </li></ul></ul></ul><ul><ul><ul><ul><li>Also reverse searches by address or telephone number </li></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>www.superpages.com </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>www.theultimates.com </li></ul></ul></ul></ul></ul><ul><ul><li>General Asset Search </li></ul></ul><ul><ul><ul><li>Locate and research tools available to government, law enforcement, and commercial customers </li></ul></ul></ul><ul><ul><ul><ul><li>www.accurint.com </li></ul></ul></ul></ul><ul><ul><ul><ul><li>See price list in seminar brochure </li></ul></ul></ul></ul>
  15. 15. Discovery of Assets Through the Court <ul><li>Judgment debtor exam to find assets </li></ul><ul><ul><li>Forces a party or entity against whom you have an unsatisfied judgment to appear in court to answer questions under oath about employment, bank accounts, real property, personal property, and other assets </li></ul></ul><ul><ul><li>If the person doesn’t appear two times, then a bench warrant is issued for his or her arrest </li></ul></ul><ul><ul><li>Usually the most comprehensive source of information--like a deposition </li></ul></ul>
  16. 16. Discovery of Assets Through the Court <ul><li>Discovery from Third Persons </li></ul><ul><ul><li>Banks </li></ul></ul><ul><ul><li>Co-workers </li></ul></ul><ul><ul><li>Friends, Neighbors, Relatives </li></ul></ul><ul><ul><li>Ex-Spouses </li></ul></ul><ul><li>Garnishment of assets belonging to the debtor </li></ul><ul><ul><li>Banks (note where the debtor banks) </li></ul></ul><ul><ul><li>anyone else whom you have reason to believe is holding property that belongs to debtor </li></ul></ul><ul><li>Wage garnishment - employer </li></ul>
  17. 17. Q&A <ul><li>John Brody </li></ul><ul><ul><li>[email_address] </li></ul></ul><ul><li>Stephanie Union </li></ul><ul><ul><li>[email_address] </li></ul></ul><ul><li>Christy Prince </li></ul><ul><ul><li>[email_address] </li></ul></ul>
  18. 18. Thank You!

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