Trust Accounts

SCAM CHASER

Site Supporter
20
Notwithstanding the Trust Account requirement in the HTA, and the TCT Logistics decision, Trustees of bankrupt companies are not giving "unsecured" carriers priority over secured creditors.

Do not count on being treated "special" because of the HTA. Be prepared for costly litigation. That is why no one is seeing any priority settlement in the Compass Freight case, and probably will not see it with Mobile Cartage or LaSalle Transport.
 

Pablo

Site Supporter
10
Solution

The solution to this problem is not trust accounts. It's proper credit management and doing credit checks on EVERYONE you do business with. Yes it costs money to run a credit check, but it's a business decision. Pay for the credit checks or live with the concequences. So many people in this industry will take a load from anyone. Why? If you don't know them and haven't done business before run a credit check. Ask for some references, if its not what you want to see/hear then don't do business with them, or ask for cash COD.
 
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