Printer Friendly

Bankruptcy-tracking service helps limit losses.

Corporation Service Company (CSC), Wilmington, Delaware, has launched a service for financial institutions and other organizations to monitor debtor bankruptcies. With Bankruptcy Tracker, companies can receive nearly instant notification if one of their customers has filed for bankruptcy.

With CSC's Bankruptcy Tracking service, banks can monitor their debtors and receive notification if one files in any bankruptcy court. When a bankruptcy is filed against a lender's debtor, CSC will send a prompt e-mail alert with key information about the filing. With this information, banks can act quickly to ensure their losses are minimized or altogether prevented. For example, without advance notice, a bank might continue to extend credit to a bankrupt company.

"When it comes to dealing with a debtor's bankruptcy, any delay in responding can be costly. Too often, notices of bankruptcy are not routed to the correct person in time to properly respond," said Mark Rosser, vice president with CSC. "With this new service from CSC, financial institutions can receive prompt notice of relevant bankruptcy filings. This advance notice enables them to respond to proof-of-claim filing and other deadlines, and to assertively monitor and protect their interests."

COPYRIGHT 2009 Mortgage Bankers Association of America
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2009 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Tech Newz; Corporation Service Company; With Bankruptcy Tracker
Comment:Bankruptcy-tracking service helps limit losses.(Tech Newz)(Corporation Service Company)(With Bankruptcy Tracker)
Publication:Mortgage Banking
Article Type:Brief article
Date:Oct 1, 2009
Previous provides back-end support on Fannie's
Next Article:Wolters Kluwer mortgage disclosures available through eMagic.

Related Articles
How to proceed: taking the "director" and "officer" out of D&O insurance: the effect of the subprime credit crisis and corporate bankruptcies on D&O...

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters