When an insolvent debtor corporation transfers money (or other assets) to its principles (Insiders), or corporate monies are used to pay Insiders' personal debts, creditors can pursue these Insiders as fraudulent transferees of Debtor assets even after the Debtor ceases to do business. Alternatively, there may be a basis to hold these Insiders liable by piercing the Debtor's corporate veil.
How many Debtors, when facing financial difficulty, close their corporate doors and the Insiders start up a new, unrelated business? Complex debt collection requires more than chasing some poor debtor with a credit report that screams "Debtor's Prison". It requires a knowledge of fraudulent transfer law, successor liability law, and piercing corporate veil.
How many Debtors, when facing financial difficulty, close their corporate doors and the Insiders start up a new, unrelated business? Complex debt collection requires more than chasing some poor debtor with a credit report that screams "Debtor's Prison". It requires a knowledge of fraudulent transfer law, successor liability law, and piercing corporate veil.
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Commercial Mediation
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Alternative Dispute Resolution, or Mediation, is evolving as a popular choice to resolve business disputes. Since time is money, it also makes good business sense. Quite often, parties can settle their differences after one session. Compared to the traditional legal route which involves extra time, money, and frustration, the mediation alternative is the logical option.
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Any debt collection that will require the imputation of that debt to more solvent non debtor entities using various collection remedies, including fraudulent transfer law, piercing the corporate veil, or successor business liability. All fees are basically a contingency based. However, there are some cases where an advance fee is charged in addition to the contingency.
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