In a recent decision, Mr. Justice Gaétan Dumas of the Quebec Superior Court allowed to use of the bankruptcy order system, as provided by the Bankruptcy and Insolvency Act (hereinafter the “BIA”) in order to settle a shareholder derivative suit which was threatening the financial health of a restaurant.
Resto-Bar Mondo (Sherbrooke) inc. (hereinafter « Mondo ») was subject of a petition in bankruptcy under section 43(1) BIA, brought by its major shareholder, 9029-7227 Québec inc. (hereinafter “9029”).
This section allows a creditor to ask the Superior Court to force its debtor in bankruptcy. To do so, the applying creditor must prov...Read More
How to Recover When Things Go Wrong
This is perhaps the most important step of the career development plan process. Learn from past mishaps and stop destructive thinking. The STOP acronym symbolizes four words that can help you redirect yourself and recover when projects go wrong, when poor performance has occurred, or when a mistake has been made. Sometimes you need to recover from a misstep or sometimes you need to reevaluate the objectives and goals all together. A misstep does not necessarily equate to doors closing. It can often lead to doors opening.
Remember, the key to success is to think progressively, not perfectly. When you underst...Read More
My customer is an American company are their accounting rules the same? What should I know about the differences? why do they appear to have more statement of reserves then we do in Canada
Introduction:
If you think accounting rules for preparing financial statements are universal, you are in for a surprise. There are significant differences even between US and Canadian accounting rules.
Having customers based in the USA, and needing to analyze their financial statements means getting financial statements prepared using US Generally Accepted Accounting Principles US GAAP).
The key areas of difference credit professionals need to ...Read More
Avoid These Hazards
There is a long list of things that can derail a receivables outsourcing project. The first point to consider is that you need to have positive control. To effectively outsource receivables management you need to provide leadership and have the capability to monitor and manage the contractor relationship to gain savings witho...
I often get asked the question “how many accounts should my collectors have to work on a monthly basis?” With this age old question, people are often trying to find out how to maximize their resources. Obviously, if this was an easy question to answer, it would have been answered some time ago. One of the reasons the answer is so elusive is bec...
Given that interest rates are at an all-time low and with increasing pressure on providing returns to shareholders, can you really afford not to take a very close look at accounts receivable outsourcing for your business? If not outsourced in its entirety, then in part? Credit card transaction costs are on the rise, since all of the providers wan...
The days of counting coins and cash slippage are over, electronic payment methods have revolutionized and modernized the way we do business. Merchants need to keep up with the demands that a technology-oriented world requires. An easy way to do this is to know your way around electronic payment methods; how they work, and how you can put them to wo...
Micro Steps
Once you have developed your goals and know what you want to achieve, it is time to develop smaller objectives that you can work to achieve on a weekly or monthly basis. As an example, the goal may be to read a entire book in one week, but the micro goal is to read for 15 minutes every day. This breaks down much larger goals into som...
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The articles provide invaluable insight and information to help Credit Professionals everywhere make informed and sound decisions. The topics encompass not only the mechanics of the credit granting process, but also time management, customer service, legal remedies and other areas which enhance and support Risk Management. I wholeheartedly recommend this credit tool for providing ongoing theoretical education as well as practical applications relevant to the world of credit and collection."
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The other “Business end” of a Collection Arrangement
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Testimonials
At Crane, we have been a National Credit News subscribers for many years. Thanks to the journal, we are constantly informed of the best credit practices. The National Credit News Journal is a work tool helping us meet the objectives of our credit department. Congratulations to the "National Credit News" for keeping us up-to-date in a constantly changing world.
One of the most complete business credit guide out there. Written By a 30 years veteran in the field of which 20 yrs was with the banks. A definite must for all people who aspire to top level executive position.
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