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Finance
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Clients filing for bankruptcy is very common. If you come to know that one of your clients is seeking bankruptcy to sort out his or her financial problems, don’t be surprised or worried. There are certain rules and regulations in the bankruptcy process that both the debtor and creditor have to follow. One of the plus points of bankruptcy is that it is not as formal as the typical court giving strict instructions to solve the matter. It is like making a deal and negotiating a resolution in your favor. So, if your client owes you money, consider the following steps while collecting the debts: 1. Consider the Type of Bankruptcy Filed: With the type of bankruptcy filed, means the way clients intends to handle the debts. Chapter 11 and Chapter 13 are filed to reorganize the debt. The debtor receives a repayment plan that he or she has to follow to repay the debts. Chapter 11 bankruptcy is used for corporations while Chapter 13 is for sole proprietors and individuals. However, Chapter 7 bankruptcy means that the client intends to walk away from as much debt as possible through discharging debts and liquidating assets. The court distributes non-exempt assets among creditors. 2. Limit or Stop the Contact Entirely: One the bankruptcy is filed, stop the contact immediately to collect the money and collection activities. Otherwise, you will be breaking the bankruptcy code and may be sued. This is regardless of the fact that you have filed a case against the client because the case stays till the completion of the bankruptcy. If you are living in Chicago and want to know how your debts will be handled, you can contact the bankruptcy attorney in Chicago. 3. Don’t Forget Doing a Cost-Benefit Analysis: It is wise to do a cost-benefit analysis before collecting a debt. That means to determine whether it is worth your time and energy and will you really get your money back or not. Take for example, if a business grosses more than $500,000 but has debts over $10 million, with a long list of creditors, it is more likely that you will not get your money back. Moreover, the consumer and or small companies don’t have tangible assets that can be sold by the trustee and distributed among the creditors. 4. Consider Filing a Proof of Claim: If the creditors feel that they have a chance of success in receiving a portion of a debt, they should file a proof of claim. This reflects the creditor’s desire should be the part of the bankruptcy proceeding. In this case, you, as a creditor, need to submit contracts, business records, and communications to verify the debt. Don’t skip this step, otherwise, you will not be repaid. After the bankruptcy proceedings, the trustee is asked to pay creditors from the rest of the funds. ...
Boundary Holding, a global investment fund founded by Rajat Khare, recently invested in KONUX, a German company that deals in Industrial Internet of Things (IIoT) and artificial intelligence analytics. Co-founded by Andreas Kunze (CEO), Dennis Humhal (COO), and Vlad Lata (Vice-Chairman), KONUX uses predictive maintenance to ensure the optimal utility of railroad structures present across the globe. With the help of this new-age maintenance technology that is driven by the amalgamation of smart sensors and artificial intelligence empowered analytics, KONUX aims at resolving the issues associated with railway networks such as train delays, network capacity utilization, etc. The investment is inspired by the steady rise of Industrial Internet of Things (IIoT), a unique field that focuses on the assimilation of conventional industries with next-generation technologies like artificial intelligence, big data, and predictive analytics. The final terms of the deal, which include the total amount of funds (undisclosed), Rajat Khare’s appointment as the Director of KONUX, and the potential of the investment, were mutually discussed and finalized in a closed setup meeting held in London and Zurich. The common vision, analysis, and future expectation between Andreas Kunze and Rajat Khare is speculated to have laid the strong foundation for this deal. Apart from Boundary Holding, companies such as Alibaba Group, New Enterprise Associates (NEA), MIG AG, Upbeat Ventures, and Andy Bechtolsheim (German billionaire) have also invested in KONUX. Raising €11.5 million in the extension of the Series B funding round, the company has managed to garner €29 million within the last year. Factoring in the overall success of the company, KONUX has a current total fund evaluation of nearly €44 million. Talking about the investment, Rajat Khare, Director of KONUX and founder of Boundary Holding, said, “We are glad to invest in KONUX and add it to our portfolio of investments. Apart from being a rather promising endeavour, KONUX and Andreas’ vision and passion are aligned with Boundary Holding’s core values and what we ourselves greatly respect and espouse. The synergy, thus exists on both the professional and personal front. The investment is bound to create a definitive, long-lasting, and fecund association.” While Boundary Holding continues to maintain its portfolio of investing in companies that operate on next-generation technologies, the KONUX deal further demarcates the entry of the global investment fund as a potential investor for other companies working in the field of Industrial IoT.
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