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WHERE'S THE MONEY?
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PRINTING INDUSTRY CREDIT BUREAU 
(847) 265-0400
ISSUE # 18
APRIL 2013
GEEK SPEAKS

Taking uncalculated risks when granting credit to unknown customers is like driving a car wearing a blindfold rather than a seat belt:

 

It's not if you'll crash - it's how soon, can it be survived, and what are the unintended consequences?  

  

 

 DEWEY CHI'TING
LARSON  NY 

  april cartoon 1   
april cartoon 2

ORIGINAL ARTWORK BY MARC.ART, INC.
 
ASK AN ATTORNEY

Q
Give us your favorite trick for collecting money from debtors and how can we use your experience to help us? 
 

A: We have a devilishly helpful device that our New York State Court of Appeals has provided to us many years ago.  It requires however a very good connection between debtor and its principles and or related companies, and does require some degree of support.  We call it the Sumi Tomo Shoji v. Chemical Bank restraint.  We use it when we are confident that checks we have received as partial payments to the course of a collection are drawn on the account of another entity or the principle of the debtor and then payments cease On the theory that the other entity or the principle is the alter ego of the judgment debtor, New York Law permits us to serve a restraining notice and information subpoena on the bank on which the checks were drawn and directing the bank in the language of the statute to restrain "any and all accounts in which the judgment debtor has an interest" including but not limited to; accounts of the named judgment debtor and or any and all accounts of the alter ego entity or individual.  The caveat must be noted here firstly, only one restraining notice can be served on a third party garnishee (in this case the bank) during the life of the judgment under New York law.  Secondly, we cannot simply willy nilly restrain the account of anyone who happens to have some connection with the judgment debtor entity.  Receipt of a number of partial payment checks drawn on the account of the principles personal funds is a proper case for the use of the Sumi Tomo Shoji restraint.  Similarly, where payments are made by another corporate entity operating out of the judgment debtor's roof and signed by the same principle, here again that is another good candidate for a Sumi Tomo Shoji restraint.  Over the years we have found this device to be extremely successful in bringing about substantial recovery and resolution of accounts that might otherwise be uncollectable. 

           

            Andrea, use this as you wish but it's a very powerful tool that when not used properly exposes the client and the attorney using it to severe penalties, therefore we need to be on solid ground when we use the device.  Nevertheless, I know that it's one that you would find very interesting.

 

Lester P. Taroff  Esq.
Roe, Taroff, Taitz & Portman 
Bohemia NY
   
A: 
  1. CALL THE DEBTOR'S BLUFF

 

When a debtor tells you he or she is mailing off the check, stop the subjects from mailing it to you. Instruct the debtor that you will be sending a messenger to pick up the check because you don't trust the U.S. mail. The debtor will respond in a number of different ways.

 

The first and best response would be for debtor to tell you to send your messenger right away.

 

Typical responses are:

  1. We ran out of checks.

  2. Signer on account is out of town.

  3. Checks are run twice a month.

  4. You don't trust us. We will put the check in the mail to you.

  5. We are waiting for customer's checks to clear, as the bank put a 10-day hold on our deposits.

 

  1. BEST APRIL FOOL'S TRICK EVER

 

We filed a lawsuit against a particular debtor. Our law office had been unable to serve the debtor at his home. He was evading service of process for many months. We had the process server dress up in costume and go to debtor's house on Halloween. Our process server dressed as Batman and rang the doorbell to the debtor's house. Magically, our defendant answered the door and our process server said, "Trick or treat, you've just been served with the summons and complaint."

 

  1. HOW TO QUICKLY FIND A BANK'S ADDRESS

 

We are always asking our clients to provide the street address of the bank for levies. There is no need to ask clients anymore. Simply "google" the routing number of the bank and the internet gives you the bank's address.  

 

Louis Jacobs

Los Angeles CA 



A: 
How about the usual trick to find out banking information. Once I obtained judgment against debtor I went in to the store and made a purchase with my personal check. I was able to get debtor's banking information and the same week I issued a citation which yielded $25,000.00 turn over from debtor's bank. Not bad for an $85.00 investment! Not to mention I have a lucky shirt to wear! 

  

Michael S. Baim, Esq.
The CKB Firm
Chicago IL 

 

A: The most important time in collecting an account from the debtor is the initial contact. The initial contact can be by client or client's credit department after it is clear that the account is in default and initial attempts are being made to collect the account or when the account is turned over to our office and we are making the initial contact with the debtor. It is important at that time to engage the debtor in conversation and obtain as much information from the debtor as possible. The debtor will always want to justify why the account has not been paid to that point and will provide substantial information that may be very helpful in the future collection of the account. Often you will be able to obtain some type of proposal from the debtor. Even if the proposal may not be acceptable it is helpful to try to solicit a good faith payment from the debtor with the representation that the matter will be reviewed and a final determination will be made shortly. Always emphasize the fact that good faith payment will weigh in the debtor's favor in any consideration given to any type of payment arrangement. 

 

Often the debtor will give substantial information regarding his financial situation, including assets and liabilities, and maybe even banking connections even if you are unable to obtain a good faith payment. All of this information will go a long way in collecting the account if suitable arrangements cannot be made at the time of the initial contact. If the debtor does not follow through payment and further contacts are necessary, or the matter has to be placed for collection, the ability to obtain helpful information begins to diminish. 

 

When I make my first contact with the debtor upon receiving the matter in our office for collection, I often advise the debtor that we have been retained to commence legal action against them but I am contacting them first to see if there is some way we can work out some sort of an arrangement to avoid legal action. I put the onus on the debtor to make a proposal that will be acceptable to our client. Even though I am pushing the debtor for payment and in essence threatening legal action, I try to give the impression that I am willing to work with the debtor to come up with a plan that would be acceptable to our client. If he does make a proposal I apprise the debtor that it is necessary to obtain a significant amount of information in order to be able to make a reasonable recommendation to our client. Again, this is the time when substantial information from the debtor may be helpful at a later date. 

 

You only have one chance to make an initial contact with the debtor and the trick is to use that initial contact to best aid you in collecting the account as quickly and efficiently as possible.

 

William A. Rinehart

Rinehart, Scaffidi & Mathews

Milwaukee WI

 

A: One of my tricks for collecting money is to let the debtor talk, often to excess. Silence can be golden when it comes to debtor telephone calls. Often the commercial debtor will spill their guts in an amazingly counter-productive effort to get you to go away, revealing their sources of income and their banking information. They just need a helpful nudge to get them rolling.

 

Elliot Portman
Roe, Taroff, Taitz & Portman 
Bohemia NY

 

LET PICB HELP YOU BE AWARE!


COLLECTION SERVICES: PICB is the Graphic Art Industry's dedicated credit and collection agency. With more than 35 years of experience helping printers get paid from slow and non-paying customers our expertise will earn your respect and gain your trust. Our rates are below industry averages but our results are superior.


RESOURCES: PICB's web portal to government websites that provide real-time, free information that can be helpful when determining a customer's stability or viability. These sites provide users an ability to verify business registrations, civil records, lien information and much more.


DUE DILIGENCE REPORTS: When you don't have the time to review the information provided by the customer, PICB will do it for you. Our reports are compiled the old fashion way of 'hands on' extensive research while using the 21st century tools to maximize results.


RISKEE BUSINESS: PICB's free service that provides unlimited access into our extensive database to determine if a potential customer is already known to PICB.
In This Issue
CREDIT TIPS
DEWEY CHI'TING
ASK AN ATTORNEY
KREDIT KARMA
Quick Links  

PRINTING INDUSTRY CREDIT BUREAU CONTACT INFO: 


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OVERSTROM STUDIO INC. DBA OVERSTROM JEWELERS

NC 

 

EMORY LITHO OF NASSAU LLC 

NY 

 

FIRST FRUITS BEVERAGE COMPANY  LLC 

VA

 

CHRISTOPHER NICHOLAS CAMPOS D/B/A CAMPOS SCHOOL PORTRAITS

NM

 

 

JEFFERY SAMUEL PERRY D/B/A/ CHICAGO SALON & DAY SPA

IL

  

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 NJ 

 

ALEC W BOWERS D/B/A DIAT CONCEPTS, LTD 
IL
 

 

CMY&K ADVERTISING

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CMY&K PUBLISHING

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DALE JASLOVE IND D/B/A HEALTHCARE CONSTRUCTION

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FRANK FINOCCHIARO INDIVIDUALLY & T/A LBT SYSTEMS & LBT SYSTEMS INC.

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HI INDIA, INC.,

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HIGHER STANDARD ENTERPRISES INC D/B/A I TOUCH PUBLIISHERS.COM
NC

 

HIP HOP WEEKLY
ENTERTAINMENT, INC
FL

  

HOME VIDEO STUDIO INC IN

 

HOMETOWN HEATING & COOLING INC AND RICHARD E FOX INDIVIDUALLY

 NY

 

INDIAN HILL SYSTEM INC AN IL CORP AND ROBERT KELLY D/B/A
IL

 

JILL MORGE

NTHALER FOR CONGRESS
IL

 

JIM WEEMS D/B/A
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ID

JOSEPH D RINDER INDIVIDUALLY AND D/B/A BELTONE HEARING AID CENTER

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KARRY MATHESON INDIVIDUALLY AND D/B/A MATHESON CUSTOM PRINT

UT

 

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LESTER BAFIA INDIVIDUALLY AND D MEGA FORCE PRODUCTIONS, INC

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NEW YORK FURNITURE GALLERY, INC.

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PET ENTHUSIAST PUBLICATIONS INC
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PHILIP BASILE D/B/A P&M GRAPHICS
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POL-MED CO AN ILLINOIS CORPORATION

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OR

 

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