Using a Corporate Umbrella to hide assets from Debt Collection Agencies

Using a limited partnership or corporation to hide real estate assets is similar to hiding assets with a real estate trust. Many states require that deeds also cross-reference the information to any business partner who has signed the real estate agreement and that the corporation provides an annual report on their behavior. Most corporations also have a statutory agent or lawyer who is a third-party.

Talking with the debtor’s corporate connections and business partners can help bring forward information regarding possible hidden assets and his/her business. Try to get details from any corporate files you can as they might also have information of hidden assets.

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When dealing with a debtor that is sophisticated enough to bury and hide assets beyond the reach of the court systems when using a corporate umbrella, it is imperative that you have either a very seasoned debt collection agency, like Commercial-Receivers, by your side.  Or escalate the collection matter to an attorney that specializes in debt collections.  These are called Creditors Rights Attorneys, as they represent the interests of the creditor.

 

 

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