Credit and collections professionals should plan ahead in order to successfully navigate the increased bankruptcy filings happening now that are impacting many media and entertainment companies which sell advertising or distribute content. In the video above, Szabo Associates' president, C. Robin Szabo, explains the business bankruptcy chapters you will most likely encounter and what steps you should take to preserve your claim and handle objections that might occur. He also discusses doing business with companies in bankruptcy and if you can modify your terms of sale, what you should do if you receive from a debtor or Trustee a demand to pay back monies you collected prior to your customer filing bankruptcy (a "preference demand"), and how to defeat or minimize the demand while avoiding litigation.
Enjoying This Commentary? There's More to Love
Subscribe to MediaVillage to receive email alerts featuring the latest content on advertising, media/TV, and marketing strategies and trends, including exclusive The Myers Report research findings.