VA Transportation / Terra Nova
- Thread starter Casey
- Start date
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.
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
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
Broker are you getting statements from Terra Nova? I haven't received a statement since they closed and nobody has contacted me. I'm hoping it all falls through the cracks but it is likely part of the VA umbrella and waiting for them to completely end. Which will happen I am sure.
I received a statement from Terra Nova. The whole time they close their doors nobody knows a thing, now they try to collect as if they are still in business. I'll likely wait it out. I may reply to ask what is going on and how they expect us to pay them when they are closed. I also have an invoice to send to them for my lost/late trailers, assembly line shutdowns due to late shipments, expedite charges to get freight delivered once found, and my time for 2 days standing on their dock helping to find trailers and watch as they load my connecting carriers.
The Trustee is Ernst & Young Inc. All the documentation and forms can be found at this link.
Thanks klogan, that was what I needed.
Funniest part is the trustee kept a few staff on to handle the pickups of freight, receivables etc. Well they certainly weren't around when I needed them. LOL
I emailed that Pierre Begin to see what the best course of action is.
I did notice that the total outstanding receivables was $839,519.00 yet the "realized value" is only $530,000.00. Now if only I knew what that really meant. Maybe we can pay 63% of the debt owed?
I'm not too worried, time to close off that chapter of my business.
Funniest part is the trustee kept a few staff on to handle the pickups of freight, receivables etc. Well they certainly weren't around when I needed them. LOL
I emailed that Pierre Begin to see what the best course of action is.
I did notice that the total outstanding receivables was $839,519.00 yet the "realized value" is only $530,000.00. Now if only I knew what that really meant. Maybe we can pay 63% of the debt owed?
I'm not too worried, time to close off that chapter of my business.
30
The issue at hand ( I think) is that the owner of VA purchased TN I think 2 years ago. And now TN is gone and VA is under protection so looks, to me, Like he used the profits of TN to float VA. Since TN somehow owes VA money....my nickel and a bit.
My experience in the past, is that only secured loans get paid out. The rest of us get pennies (if anything) on the debt we are owed. Our company was fortunate that we only had one small invoice open...and no loads in transit. I was watching them closely. The hairs on my neck were raised.