Chapter I. Introduction
| Jurisdiction | United States |
I. Introduction
"An ounce of prevention is worth a pound of cure"
— Benjamin Franklin
Feb. 4, 1735, edition of Pennsylvania Gazette
There is no worse feeling for a business owner than having a major customer file for bankruptcy and leave behind a large unpaid account receivable. A business owner is left wondering, "What could I have done to prevent this?" The answer: Preplan for potentially distressed vendors and customers who may ultimately have to file for bankruptcy. Pre-bankruptcy planning is a necessary evil in this business-centric, capitalist society within which we operate.
Once you receive a notice that your vendor has filed for bankruptcy, there is not much, if anything, you...
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