Columbia, Maryland: June 6, 2012‚ÄĒThe National Association of Credit Management (NACM) released the 2012 edition of its Legislative Introduction and Position Brief today. Appearing in the June issue of the association‚Äôs flagship publication, Business Credit, the comprehensive document serves as a historical record of NACM‚Äôs more than 100 years representing the interests of unsecured trade creditors on Capitol Hill.
After playing an important role in last year‚Äôs repeal of the 3% withholding tax, which would‚Äôve been charged on most government contracts on a local, state or federal basis, NACM has thrown the full weight of its resources behind the cause of reforming the Bankruptcy Code, and specifically its preference provisions.
Despite the changes made in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), preference abuse is still prevalent. For many years now, NACM has sounded the alarm over the Code‚Äôs broken and fundamentally unfair preference provisions, which have failed to function as originally intended. ‚ÄúThe reality is that trade creditors face a double jeopardy: they lose funds due to the bankruptcy and are also forced to repay funds already collected,‚ÄĚ says NACM in the brief. ‚ÄúThis simple fact has put some small companies out of business.‚ÄĚ
NACM‚Äôs position is that the burden of proof in a preference claim should be shifted from the creditor to the trustee, and the 2012 Legislative Introduction and Position Brief features a simpler, updated approach to accomplishing this through legislation. The document also features NACM‚Äôs numerous other bankruptcy-related priorities.
Another new addition to this year‚Äôs brief is a section pertaining to NACM‚Äôs international division, the Finance, Credit and International Business Association (FCIB). FCIB‚Äôs vital position as a supporter of exports has become ever more important in the wake of President Barack Obama‚Äôs National Export Initiative (NEI), which is now in its second year and sets a goal of doubling U.S. exports by 2014.
A full copy of NACM‚Äôs 2012 Legislative Introduction and Position Brief can be found here.
About the National Association of Credit Management
NACM, headquartered in Columbia, Maryland, supports more than 15,000 business credit and financial professionals worldwide with premier industry services, tools and information. NACM and its network of affiliated associations are the leading resource for credit and financial management information, education, products and services designed to improve the management of business credit and accounts receivable. NACM‚Äôs collective voice has influenced federal legislative policy results concerning commercial business and trade credit to our nation‚Äôs policy makers for more than 100 years, and continues to play an active part in legislative issues pertaining to business credit and corporate bankruptcy. Its annual Credit Congress is the largest gathering of credit professionals in the world.
NACM has a wealth of member experts in the fields of business-to-business credit and law. Consider using NACM as a resource in the development of your next credit or finance story.
About the Finance, Credit and International Business Association
Established in 1919, FCIB is a division of and a wholly-owned subsidiary of the National Association of Credit Management and is internationally recognized as the premier association for executives in finance, credit and international business, providing critical export credit and collections insight, practical advice and intelligence to companies of all sizes. FCIB offers unique networking and educational opportunities, enhancing professional careers and improving company competitiveness and bottom line. FCIB has been a past recipient of the President‚Äôs ‚ÄúE‚ÄĚ Certificate for Export Service, the President‚Äôs E Star Award for Export Service and, most recently, the U.S. Department of Commerce‚Äôs Certificate of appreciation for its outstanding contributions to the publication and promotion of The Trade Finance Guide: A Quick Reference for U.S. Exporters for the further advancement of U.S. Exports. For more information, please visit www.fcibglobal.com or call 410-423-1840.
Contact: Jacob Barron, CICP, Government Affairs Liaison, 410-740-5560
Source: National Association of Credit Management