VA Transportation / Terra Nova

Oct 11, 2018
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#21
All great advice, thanks everyone, I'll wait it out and see what happens. You'd think that since their creditors, if lucky, will only see maybe .25 on the dollar. that's what I should have to pay.
 

PackRat

Site Supporter
May 26, 2008
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#22
All great advice, thanks everyone, I'll wait it out and see what happens. You'd think that since their creditors, if lucky, will only see maybe .25 on the dollar. that's what I should have to pay.
Casey you will be responsible for 100% of the outstanding invoices except whatever wasn't delivered (caught in their system when they closed) by Terra Nova. Also, you have to remember they were a carrier so this isn't a case of a broker going bankrupt and carriers not getting paid. I would believe the real losers in all of this are going to be the employees that don't get their final paycheques and/or severance for tenure.
My 2 cents.
 
Oct 11, 2018
32
3
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#23
Casey you will be responsible for 100% of the outstanding invoices except whatever wasn't delivered (caught in their system when they closed) by Terra Nova. Also, you have to remember they were a carrier so this isn't a case of a broker going bankrupt and carriers not getting paid. I would believe the real losers in all of this are going to be the employees that don't get their final paycheques and/or severance for tenure.
My 2 cents.
I know you are right, what's even worse was they were told on Dec. 21st. Could you imagine after possibly using your credit card to cover Christmas and to find out just before. Like I said, a real classy group. I certainly won't make it easy for anyone to get those checks, but what is owed is owed.
 

boss

Site Supporter
Aug 27, 2009
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#24
Anytime a bankruptcy occurs, we all are at the mercy of the Trustees. If you are on the list of creditors, immediately ensure the amount stated is the amount they owe you. If it’s lower (which it almost always is if you did regular business with the bankrupt company), contact the Trustee and send a current statement and get their acknowledgement. If you have receivables insurance (a luxury to most, but could be well worth it seeing as how the laws protect the guilty and corrupt), you need to make sure the creditors report shows what they actually owe, not just what the bankrupt company claims.
Needless to say, being vigilant and limiting deadbeat clients can be a full time job. If I can offer some advice: If they don’t pay well, if they don’t pay within terms, if you have to repeatedly call them for payment after each order..it won’t change until they ultimately fold. Too few trucks, too much freight. Be picky and avoid all the headaches. Harder to do in practice. We all want to believe our clients will pay, but at the end of the day, don’t finance their operations and end up holding the bag. We made this our mantra for 2019. Pay on time, or find someone else.
Best wishes to all this year
Regards
Boss