In mid-2009 when the economy was still mired in a long, hard recession and just beginning to work its way out, members within the International Factoring Association decided it was time to launch another branch to stave off onerous regulation of their non-regulated companies. The result became the American Factoring Association.
The IFA’s annual conference, to be held April 14-17 in Scottsdale, AZ, is a meeting dedicated to banks and finance companies that offer financing through factoring. This year’s conference provides plenty of educational material from beginner to advanced, domestic to international, officer to president and all levels of employee groups.
From its strict use of asset-based lending structures to its strong relations with labor unions, very little about KPS Capital Partners resembles a run of the mill private equity fund. In the following profile, Michael Psaros, co-founder and managing partner, explains this team’s approach to investing in turnaround situations … and a lot more.
In the case of Ogle, Liquidating Trustee of the Agway Liquidating Trust v. Fidelity & Deposit Co. of Maryland, The United States Court of Appeals for the Second Circuit held on November 2009 that a creditor was entitled to its post-petition legal fees incurred on a pre-petition indemnity agreement. In affirming the lower courts, the Second Circuit explained that the Bankruptcy Code (Code) “interposes no bar to recovery.”
Preparing an involuntary bankruptcy proceeding, on the other hand, can lead to useful information about the debtor and its other creditors, may provide the impetus necessary to convince the debtor to reach a little deeper into its pocket. And, taking the steps necessary for preparing the petition will prepare you for that option, should it become desirable and necessary.
A recent decision in the U.S. Bankruptcy Court for the Southern District of Florida, In re Tousa,1 has received widespread attention for its near wholesale rejection of insolvency “savings clauses,” and the resulting order requiring lenders to disgorge hundreds of millions of dollars. The decision raises numerous practical problems for participants in the secondary loan […]
In October 2009, the Federal Trade Commission, at the request of Congress, delayed the enforcement of the so-called “Red Flag” rules geared to address the risk of identity theft until June 1, 2010. That date is important to financial institutions as failure to comply opens the door to legal aggravation including civil monetary fines and lawsuits.
Business Continuity planning is an integral and important part of running any type of company. The process is not complicated, however it is time consuming and requires proper project management. It is a good idea to get outside help with the project design and management, unless your company possesses both the expertise and time required to create a robust and effective BRP.
With a career at a variety of leading factoring organizations, Darla Auchinachie knows her way around the industry. Now as a consultant, she aids those companies that benefit from her insight — and for that reason ABF Journal asked Darla for her thoughts on the industry now that the economy seems better poised for a recovery.
As we begin a new year, Stevan Buxbaum urges secured lenders to take advantage of the great opportunities that exist in tumultuous times. But, he advises, such opportunities will only pan out if approached with discipline, diligence and perhaps most importantly, the realism that was lacking in the days of irrational exuberance.