{"id":4611,"date":"2019-08-21T00:13:36","date_gmt":"2019-08-21T00:13:36","guid":{"rendered":"https:\/\/picb-us.com\/?p=4611"},"modified":"2023-08-14T20:27:49","modified_gmt":"2023-08-14T20:27:49","slug":"printer-recovers-50000-00-when-picb-bites-crime","status":"publish","type":"post","link":"https:\/\/picb-us.com\/printer-recovers-50000-00-when-picb-bites-crime\/","title":{"rendered":"Printer Recovers $50,000.00 When PICB Bites Crime!"},"content":{"rendered":"

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Printer Recovers $50,000.00<\/h1><\/div>
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When PICB Bites Crime!<\/h2>\n

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Two years ago, a debtor conspired to use the bankruptcy code as a means to swindle his Printer out of substantial money, but Printing Industry Credit Bureau\u2019s guard dogs stopped their plot by taking a bite out of their bone-headed plans.<\/p>\n

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The Con<\/h2><\/div><\/div>[vc_empty_space][vc_single_image image=”4635″ img_size=”large” alignment=”center”][\/vc_column_inner][vc_column_inner width=”3\/4″][vc_column_text]<\/p>\n

The Debtor paid all the Printer\u2019s open invoices approximately 100 days prior to filing Chapter 11. They knew a Trustee would seek reimbursement payments of any money paid 90 days prior to the filing date, so by paying the printer in full a 100 days earlier the debtor attempted to avoid exposure of its\u2019 scheme under a claw-back of money paid the Printer.<\/p>\n

The Customer further conspired to improve its\u2019 balance sheets with added inventory by placing a jumbo order with the Printer just days prior to filing. The added inventory made them more attractive to a buyer.<\/p>\n

They placed this order days prior to filing knowing it would be too soon for the Printer to generate an invoice, therefore the debt would be excluded from the Creditor Matrix which is what the Courts use to notify all interested parties.<\/p>\n

The Debtor presumed, wrongly, The Printer would be none the wiser until it was too late\u2013 They did not count on PICB\u2019s dogged pursuit to reveal their conspiracy, exposing the plot protecting the Printer\u2019s profits.<\/p>\n

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The Solution<\/h2><\/div><\/div>[vc_single_image image=”2465″ img_size=”medium” alignment=”center”][\/vc_column_inner][vc_column_inner width=”3\/4″][vc_column_text]<\/p>\n

Most business people, not just Printers, are woefully unfamiliar with their rights under the Bankruptcy Code and tend to wrongfully assume a creditor has no rights. YOU DO — If a creditor can exhibit proof that the petition filed contains false or fraudulent information and \/or assets were converted to prevent creditors from their rightful payments then there are arguments a Lawyers can file to protect a creditor.<\/p>\n

PICB, with the Printer\u2019s permission, retained our local law firm who filed an immediate adversarial answer bringing forth multiple allegation of fraud. We were granted an emergency hearing where the facts exposed by PICB\u2019s diligence were provided to the Courts, who upon review granted the Printer priority status thus ordering the Printer be paid prior to all other claims.<\/p>\n

The petition took 2 years to close, which is normal, but we proudly announce that the Printer is now fully satisfied.<\/p>\n

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[vc_row][vc_column][vc_empty_space][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text] Two years ago, a debtor conspired to use the bankruptcy code as a means to swindle his Printer out of substantial money, but Printing Industry Credit Bureau\u2019s guard dogs stopped their plot by taking a bite out of their bone-headed plans. [\/vc_column_text][vc_empty_space][vc_row_inner][vc_column_inner width=”1\/4″][vc_single_image image=”1216″ alignment=”center”][vc_empty_space][vc_single_image image=”4635″ img_size=”large” alignment=”center”][\/vc_column_inner][vc_column_inner width=”3\/4″][vc_column_text] The Debtor paid all the…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/posts\/4611"}],"collection":[{"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/comments?post=4611"}],"version-history":[{"count":30,"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/posts\/4611\/revisions"}],"predecessor-version":[{"id":9664,"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/posts\/4611\/revisions\/9664"}],"wp:attachment":[{"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/media?parent=4611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/categories?post=4611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/tags?post=4611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}