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. Get an Asset Search done. Professional database researchers can quickly find useful information to help you with your search. View our Sample Report to learn more.
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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