Finally a Way to be Certain a Newly Filed Bankruptcy Does Not Fly Under the Radar.
ARMS (Accounts Receivable Management Solutions) announced the launch of its latest credit management tool, Chapter 11 Daily. ARMS is monitoring all 96 Federal Bankruptcy Court’s activity and capturing Chapter 11 filings which are then categorized by industry segment and published the next morning (note: the report is formatted so that it can be read from your mobile device as well). Additionally, recipients have the ability to download a PDF of the official petition for any filing with a single keystroke directly from the report. All prior day’s activity is ported into a proprietary data base which can then be searched or sorted by any field available (i.e. debtor, jurisdiction, date, or industry). The content can also be exported into an Excel format for company-specific internal use to systematically update vendor profiles, accounts payable, and accounts receivable covering all bases.
Lawrence Sarf, chief executive officer, commented: “Chapter 11 petitions are at historical highs and today’s credit executive must be in a position to react immediately when a filing occurs. Current law provides creditor protections for the reclamation of goods shipped just prior to the filing and administrative priority status for the portion of any balance meeting the requirements of 503(b)(9). The key is to move quickly; however, notification from the Court is typically by US mail often to lock box addresses which can take weeks to get to the credit manager’s desk. A week or two delay can result in diminished recoveries and, perhaps worse, the potential to ship goods unknowingly after the filing throwing good money after bad.” Mr. Sarf continued: “Granted when companies the size of A&P or Blockbuster file, word spreads rapidly….it is the small to mid-size debtors that the Chapter 11 Daily publication is designed to not allow to fall into an information void.”
Market Service Inc. (t/a ARMS), along with sister companies F&D Reports (http://www.fdreports.com) and Creditntell (http://www.creditntell.com), are recognized as the premiere financial consulting services with respect to nearly 20 retail channels of distribution. For more information on Chapter 11 Daily as well as the many other exciting features in this “must have” Credit Manager’s Tool Box, contact Lori Ziegler (loriz(at)fdreports(dot)com / 800.789.0123 ext. 148) or visit http://www.FDARMS.com and request a trial password.
Tagged with: Bankruptcy • Blockbuster Inc • Borders Group • Business • Chapter 11 • Chapter 11 Title 11 United States Code • Companies • Consumer Financial Protection Bureau • Credit • Credit Management • Debt • Economy • Financial Services • Industry • Markets • Mobile App • New York City • Payday Loans • Personal Loan • United States • United States bankruptcy court
Filed under: Business