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How Rights of Set-off and Recoupment Affect Your Receivables and Claims

Webinar: ID# 1011768
Recorded CD
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How Rights of Set-off and Recoupment Affect Your Receivables and Claims
About This Course:
Collecting payment for the goods/services a company provides is as important as getting and keeping customers. Being able to use a company's claim against a seller of goods or provider of services is equally important. No one wants to be surprised that accounts deemed collectible turn out not to be so or that they cannot longer pursue their claims against a seller or service provider.

The contractual and equitable rights of set-off are an important tool to preserve these valuable assets.

This live audio conference will provide companies, their account managers, sales force, and counsel with knowledge on set-off and recoupment to preserve and exercise their rights to payment. Learn how and when to exercise these rights, how to protect these rights, how they can be lost both outside of and during a bankruptcy.

Agenda

I. Fundamentals of Common Law Set-Off Rights

  • What Are the Necessary Elements of a Set-Off
    • Mutuality [Triangle Set-Offs]
    • Identity of Parties [How Affected by Affiliates/Government Agencies]
    • Nature of the Claim [e.g. Contingent/Disputed]

II. When and How a Set-Off Can Be Exercised

  • Timing of the Set-Off
  • How to Book the Set-Off
  • When to Notify Counter-Party and Its Lender of Set-Off Claim

III. How Set-Off Rights Can Be Lost

  • Statute of Limitations
  • Contractual Waiver
  • Litigation Procedures Required to Assert
  • Barred by Statute

IV. Equitable Recoupment Rights

  • What Are the Basic Elements Contra to Set-Offs
    • Single Contract or Transactions
    • Reciprocal Obligations
  • Benefits of Recoupment That Set-Offs Do Not Have

V. Bankruptcy Affects On Set-Off Rights and Recoupment

  • Understanding Section 553 of the Bankruptcy Code
    • Elements of Set-Off/ Preservation of State Court Rights
    • Limitations On the Amount of Set-Off Allowed
    • Set-Off Rights Obtained Through Assignment
    • Secured Nature of Set-Off Rights
  • Automatic Stay's Effect/Discharge of Set-Off Claim
  • Recoupment vs. Set-Off in Bankruptcy
  • Protecting Set-Offs Under Financing Orders and Plans of Reorganization

VI. Can Contract Terms Expand Set-Off Rights/Overcome 'Pit-Falls' of Equitable Set-Offs?

The Presenters:

Kevin C. Driscoll Jr., Barnes &Thornburg LLP

  • Partner in the Chicago office of Barnes &Thornburg LLP
  • Represents secured and unsecured creditors in Chapter 7, 11 and 13 proceedings
  • Has represented clients in various industries, including manufacturing, entertainment, consulting, transportation, real estate, retail, hospitality/travel, and finance
  • Also represents lenders and other creditors in state court proceedings and out-of-court matters
  • Frequent lecturer and writer, has been published by the American Bankruptcy Institute Journal and has been spoken for several National Association of Credit Management events
  • J.D. degree, magna cum laude, University of Illinois College of Law; A.B. degree in history, University of Illinois

Paula K. Jacobi, Barnes &Thornburg LLP

  • Capital partner in the Chicago office of Barnes &Thornburg LLP, where she is a member of the firm's Finance, Insolvency and Restructuring Department
  • More than 30 years experience in virtually all areas of insolvency law, in court litigation and reorganization and out-of-court workouts, representing debtors, secured creditors, trustee, receivers, landlords, REITS, and unsecured creditors
  • Represents a variety of clients, including financial institutions, lenders, REITS, corporate creditors, secured and unsecured, corporate and partnership debtors, guarantors, assignees for the benefit of creditors, trustees and receivers
  • Breadth of experience with financing, contracting and leasing for corporate clients, and has extensive trial and appellate experience in state and federal courts
  • Illinois Super Lawyer designation multiple years for bankruptcy and creditor/debtor rights and business litigation, including 2011 and 2012
  • Spoken numerous times on insolvency matters [fraudulent conveyances and protecting your businesses and collections] for organizations such as the Illinois CPAs, Chicago Bar Association, Chicago Presidents Club, Greater Chicago Northshore Estate Planners, and has given CLE seminars
  • Wrote articles for the American Bankruptcy Journal and monthly ABI Committee newsletter
  • J.D. degree, Northwestern University School of Law; B.Ed. degree, University of Michigan, where she was a James B. Angel Scholar

Who Should Attend?

This live audio conference is designed for attorneys, presidents, vice presidents, branch managers, loan officers, loan department personnel, credit and collection managers, controllers, directors, accountants and real estate professionals.

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How Rights of Set-off and Recoupment Affect Your Receivables and Claims
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