He will need 1) a copy of your CoreFund factoring agreement and 2) your original UCC1 filed by CoreFund against your assets. The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. We will continue to post information here as the situation changes. the court order brings us much closer to meeting the needs of CoreFunds factoring clients.. First, none of the information below constitutes legal advice, and you should consult an attorney. The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. Factoring Lines of Credit Business Loans Working Capital Equipment Leases Merchant Financing Commercial Property Accounts Receivable Sale-Leaseback Financing which prohibits a transfer of the debtors rights in collateral or makes the transfer a default does not prevent the transfer from taking effect. ALIENABILITY OF DEBTORS RIGHTS. CoreFund Capital specializes in business financing through invoice factoring. As soon as we know the contact information for the receiver, if one is appointed, we will post it here asap. According to court documents, Shim Sacks founded CoreFund Capital in 2014. View contacts for CoreFund Capital to access new leads and connect with decision-makers. They deliver factoring services as promised and provide exemplary customer service. Get on the road, stay on the road, and grow. Werner, Erin It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. Currently, CoreFund has a UCC Filing for all of its customers. simple, transparent, and reliable Factoring Program. You most often will hear of UCCs if one of your customers refuses payments to your factor or, in the case of CoreFunds closing, if the factor does not make good on their payments to their carriers. By having access to a Business Finance Consultant you have access to hundreds of funding sources across the United States as well as Canada, Australia and the U.K. You most often will hear of UCCs if one of your customers refuses payments to your factor or, in the case of CoreFund's closing, if the factor does not make good on their payments to their carriers. Factoring services, unlike bank loans, focus on the value of receivables. Please try again later. However, a debtor or secondary obligor whose deficiency is eliminated or reduced under Section 9-626 may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. CoreFund Capital has filed a petition for a restraining order and injunction against Frost Bank, TBK Bank, Chris Wakefield, and Meir Shim Sacks. (2) the amendment is a termination statement for a financing statement as to which the secured party of record has failed to file or send a termination statement as required by Section 9-513(a) or (c), the debtor authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed. These are formal, public records from your factoring company of the debt youve incurred, including any current factoring agreements. Section (d) states that if the Purchaser deems itself insecure with respect to the prospect of repayment or performance of its obligations then this will constitute an event of default. Our commitment is to our clients by providing them with the cash flow solutions they need using a customized approach and a level of care and service they deserve. Most likely the financing statement in your UCC does include this. Brokerages and factoring companies say they are powerless to help the truckers until CoreFund releases the UCC-1 (Uniform Commercial Code) liens filed by the factoring company against carriers assets. Late Thursday, Jason Medley, partner with law firm Spencer Fane in its Houston office, notified some of the affected trucking companies and factoring companies that the judge appointing a receiver is a positive step. Or call us, Sales: 877-807-3006 Every month 400 people find a job with the help of TruckersReport. , the secured party may claim a security interest only as shown in the list or statement included in the request as against a person that is reasonably misled by the failure. More updates coming. In addition to any damages recoverable under subsection (b), the debtor, consumer obligor, or person named as a debtor in a filed record, as applicable, may recover $500 in each case from a person that: (3) files a record that the person is not entitled to file under Section 9-509(a); (4) fails to cause the secured party of record to file or send a termination statement as required by Section 9-513(a) or (c); (5) fails to comply with Section 9-616(b)(1) and whose failure is part of a pattern, or consistent with a practice, of noncompliance; or. June 3, 2022 Contact Information. Menu icon A vertical stack of three evenly . Our Take: You can file an amendment to terminate CoreFunds UCC filing against your company if CoreFund fails to file the termination. This is very different from bank loans which influence the businesses debt to equity ratio, credit score, etc. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. Required fields are marked *. Corefund has gone above and beyond and helped me manage my cash flow . Might learn how to keep it from happening going forward and seeing how to maybe get your money. }); Hundreds of small-business truckers who use CoreFund Capital to factor their accounts receivable are struggling to stay afloat after the Weatherford, Texas-based company abruptly closed its doors 10 days ago and fired its entire staff over a legal spat between two brothers. Silver Spring, MD 20910. REMEDIES FOR SECURED PARTYS FAILURE TO COMPLY WITH ARTICLE. Contacts 7. Harris has 20 years of experience in the factoring industry, working in general factoring early in her career and specializing in transportation factoring for the past 17 years. window.googletag = window.googletag || {cmd: []}; Wait. Great article for financing spectators such as us along side informative work around to make sure we have the back bone strong enough to handle all our clients through this. Again, the information here should not be construed as legal advice, but only as our opinion on the matter. As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. googletag.pubads().collapseEmptyDivs(); If you have a news tip or story idea, send her an email to, Copyright 2023, All Rights Reserved, FreightWaves, Inc, Carriers unable to pay drivers, buy fuel after CoreFund Capital closes, Loaded & Rolling (Enterprise Fleet News/Analysis), Read why truckers use factoring to ease cash crunches. A. If a secured party fails to comply with a request regarding a list of collateral or a statement of account under Section 9-210, the secured party may claim a security interest only as shown in the list or statement included in the request as against a person that is reasonably misled by the failure. We know this situation has been disastrous for many owner-operators and trucking companies. Each company we work with has specific experience requirements for their drivers. Everyone trying to call their account representatives or the general phone number were left getting only voicemails or mailbox full notifications. An agreement between the debtor and secured party which prohibits a transfer of the debtors rights in collateral or makes the transfer a default does not prevent the transfer from taking effect. authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed. CoreFund Capital's services include: Non-recourse factoring programs Same-day payments Full advance programs WHILE THERE ARE ONLY A FEW BAD APPLES, THEY DO NOT SPEAK FOR THE REST OF THE MANY MORE HONEST AND REPUTABLE FACTORS IN THE INDUSTRY. If you send them to CoreFund they will be placed in an already long queue. They provide factoring services for. PERSONS ENTITLED TO FILE A RECORD. Jason is able to send this demand letter for you if you request it. But a buyout, or any other type of method through normal means, is impossible right now because there are no staff to process this. Please know that every employee of CoreFund wishes more than anything we could have continued funding our clients and now that we could release them and end this awful mess but even if we terminated a UCC or sent a release letter it would not be enforceable given we are no longer employees of CoreFund. You can also reach out to new brokers you havent worked for in the past. }); She said CoreFund plans to release the carriers that want to find a new factoring company, but it could be risky for those companies that are already factoring CoreFund truckers accounts receivable. The full details and a timeline dating back to last week are below. Some small-business truckers were forced to cease operations or couldnt pay their drivers or buy fuel when CoreFund stopped answering phone calls or emails from desperate truckers after the office went dark July 18. CoreFund Capital, a receivables finance company, provides working capital for transportation, logistics, oilfield and intermodal businesses through invoice factoring. }); googletag.cmd.push(function() { As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. Before you become an O/O you should take business classes and have atleast 20k in the bank. However, former employees with access to CoreFunds Facebook account have been posting updates to its panicking trucking customers since no one has responded to their calls or emails. Any invoices uploaded during this time will be processed on Tuesday, January 17. This is normal for factoring companies and acts as a form of protection for the factoring company in case of client or debtor default. CoreFund Capital is the premier full-service freight bill factoring company in the USA. Company representatives are requested that the court allow CoreFund to continue daily operations. LoadX Factoring was able to confirm through a top executive of CoreFund that all staff were fired, including executive staff, early in the week. googletag.enableServices(); If youre currently a CoreFund client, because of the UCC currently governing your agreements, your customers will likely not be able to release any funds to another factor. Possibly. googletag.cmd.push(function() { Thank you for your message. The world has enough supply chain problems as it is. I feel for these guys because many are living load to load right now, but we legally cant pay the carriers directly because we have to pay CoreFund first.. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. Truly a great group of people. The credit facility was structured by CoreFund Capital with a wholly-owned subsidiary of a publicly traded company through an amended secured accounts receivable facility. As of Monday night, July 25th, the company confirmed via Facebook that, unfortunately, the entire CoreFund team was terminated. I had a carrier trying to get us to pay him directly hes called me a dozen times today but theres nothing we can do until we have a notice of assignment from CoreFund that this trucking company has gone to them for funding and CoreFund sends us an invoice, which we will pay the same day, Ginevra told FreightWaves. s inability to obtain, or increased costs of, alternative financing. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot3', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767553440-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.defineSlot('/21776187881/fw-responsive-main_content-slot2', [[468, 60], [728, 90], [300, 100], [320, 50]], 'div-gpt-ad-1665767472470-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); If it is established that a secured party is not proceeding in accordance with this article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. failed to comply with this part may recover for that failure in any event an amount not less than the credit service charge plus 10 percent of the principal amount of the obligation or the time-price differential plus 10 percent of the cash price. }); Court-appointed receiver Timothy Hassenger is working on getting hundreds of truckers accounts receivable paid nearly three weeks after a legal feud between brothers regarding the assets of a family trust led to the abrupt shutdown and firing of all employees at CoreFund Capital, a Texas-based factoring company. If you or someone you know needs support, please dont hesitate to reach out. | CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. Factoring entails purchasing accounts receivables from a business at a discount. window.googletag = window.googletag || {cmd: []}; The date and time of the hearing are not clear at this time. Update 7/28: Freightwaves just published a comprehensive update of the CoreFund situation. This would allow a receiver to be appointed by the court allowing all Notice of Assignments to be revoked and UCCs to be terminated. A. See the below communication from Attorney Jason Medleys office for anyone interested in hiring him for this. He currently represents about 50 trucking companies stonewalled by CoreFund and said the number is climbing every minute.. Everyone knows this is a tough business and we all need to stick together! googletag.pubads().enableSingleRequest(); Your name will not be used in a follow-up article without your permission. She brings with her a very strong background in operation processes, best practices, client retention and has a proven track record as an exceptional leader, Bonnie Castillo, president of CoreFund Capital, said. Lesson learned! }); FreightWaves Grace Sharkey contributed to this report. It will take a little time for the receiver to get into the offices, get access to accounts, etc, but the hard part is over. IMPORTANT: WE ARE RECEIVING MORE AND MORE CALLS FROM TRUCKERS STATING THEY ARE RECEIVING CALLS FROM FACTORING COMPANIES THAT CLAIM THEY HAVE A SPECIAL AGREEMENT WITH THE COREFUND RECEIVER TO GET YOU RELEASED FASTER THESE ARE SHADY TACTICS THAT ARE NOT TRUE. If you owe money, we will make sure that you agree on that amount and then we will consider making payment into the court registry or their lawyers trust account. We are thrilled to have Melissa on board. In theory, this would be a free process much like any normal day if you wanted to get out of your CoreFund agreement before any of this had happened. With a commitment to clients and a customized approach, CoreFund combines their cash flow solutions with a superior level of care and service. 2) No BBB accreditation Melissa Harris joined CoreFund Capital as vice president. CoreFund Capital LLC, a freight factoring company, is a provider of financial services, specializing in business financing through invoice factoring. Privacy Policy. As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. . CoreFund Capital Hires Harris as Vice President. In observance of Martin Luther King, Jr. Day, Bobtail will be closed on Monday, January 16. 2. I spoke to a carrier yesterday out of New York that submitted three invoices to CoreFund last week and no one responded to her so shes stuck in limbo, Ashley Dellinger, vice president of sales and marketing of Utah-based Express Freight Finance, told FreightWaves. The credit facility was structured by CoreFund Capital with a wholly-owned subsidiary of a publicly traded company through an amended secured accounts receivable facility. The parties involved argued over the appointment of a receiver and no ruling for a receiver was made. With month-to-month agreements and no hidden terms or fees, why not start getting your cash fast today, All rights reserved. The receiver also stated that they are fine with clients calling their CoreFund account executive and requesting a buyout as well. This clients business has performed impressively over the past months with a solid base of customers. gptAdSlots.push(gptSlot); Loss caused by a failure to comply may include loss resulting from the debtors inability to obtain, or increased costs of, alternative financing. Harris will be responsible for day-to-day operations at CoreFund Capitals corporate office in Weatherford, TX. A. The petition states that this is because of a , between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). CoreFund has been providing freight factoring services for over six years and management team has 30+ years of combined transportation factoring experience - from 1 truck owner . DELIVER LOAD Deliver your load and get a signed Bill of Lading or other required paperwork. googletag.pubads().collapseEmptyDivs(); Unless the assignee complies, the account debtor may discharge its obligation by paying the assignor, even if the account debtor has received a notification under subsection (a). If you want to factor with LoadX Factoring the rate is 3.5% non-recourse, month to month, free same day and next day pay, no hidden fees. Call Ashley Vogan at Triumph at (915) 331-1606 (Office) Be sure to tell her I . In basic terms, UCC stands for Uniform Commercial Code. Each state has its own legal and financial laws, but for businesses that typically operate across state lines, a UCC is a common set of laws that multiple states agree and abide by. Subject to subsection (h), if requested by the. These reviews are mostly positive, many reviewers have mentioned they are working with CoreFund for years without facing any problems. , an assignee shall seasonably furnish reasonable proof that the assignment has been made. Frost Bank did freeze CoreFunds operating account, and CoreFund believes TBK Bank will do the same. Whether you do business with us at LoadX Factoring in the future or not, we are here to help as much as we can. This means that the receiver is able to act on behalf of CoreFund to release the UCC1s and notices of assignment and make payout arrangements, Medley said via email. We have been with CoreFund Capital LLC, since September 2021; CoreFund Capital has the industry expertise, stability and outstanding customer service . In addition to any damages recoverable under subsection (b), the. The last thing we want to see them do is to lock themselves into long-term contracts as a short-term fix. Additionally, we are saddened and sickened by how this is impacting our clients who we consider family and we are legally unable to do anything to help as they struggle to stay in business.. Keep in mind however that UCC Section 9-513 Termination Statement limits this ability if the financing statement on the UCC covers accounts and chattel paper. Yes. CoreFund Capital is a premier freight factoring company offering FREE same day pay, fuel cards, great customer service, and more 1-888-876-8605 I have spoken to the attorney for CoreFund. Effective immediately, Express Freight Finance will offer a 60-day contract with a 30-day release clause for those carriers impacted by this situation with no set-up, due diligence, or early termination fees. Carriers are reporting their doors are currently locked, and no one is answering emails or phone calls. Buckalew was hired to work with CoreFunds communications team and the receiver to address carriers concerns. She is an award-winning journalist known for her investigative and business reporting. Send me an email. An argument could be made that Frost Bank is a guarantor to CoreFund and they have frozen CoreFunds account thereby failing to perform their original obligations to CoreFund. googletag.pubads().collapseEmptyDivs(); Factoring involves three parties, the buyer, the seller and the factor. Scott Christiansen is the managing director for SafeWater Capital, the company overseeing the receivership for CoreFund.According to Christiansen, all of CoreFund's employees have returned to the office and business operations and procedures for the factoring firm have returned to normal. As former truckers and fleet owners, we understand the . Normally, this would be an option. A debtor or consumer obligor may recover damages under subsection (b) and, in addition, $500 in each case from a person that, without reasonable cause, fails to comply with a request under Section 9-210. Paying wages due is more important than obeying a dispute. May 7. }); I told the judge that when elephants fight, the whole world shakes, Medley told FreightWaves. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. . (c) [Persons entitled to recover damages; statutory damages in consumer-goods transaction.]. Create your own unique website with customizable templates. googletag.cmd.push(function() { If you provide me with your company name and contact information, we will be getting terminations of the factoring agreement, UCC3 Lien Terminations, Revocations of the Notice of Assignment to your account debtors/customers, and confirmation of any amount owed to CoreFund or owed to you by CoreFund. Of note, Express Freight Factoring is a member of the International Factoring Association. While we dont know a timeframe for this petition, this action would allow the Texas courts to revoke all Notice of Assignments for CoreFund and all of their carrier UCCs to be terminated. The most common UCC in trucking is a UCC-1 lien. the courts order moves us much closer to addressing the needs of CoreFunds factoring customers., Medley is a listed attorney for members of the trade group, the International Factoring Association, to use. According to court documents, Meir Shim Sacks founded CoreFund Capital in 2014. Thank you everyone. UCC Filings are a standard part of almost all factoring agreements. Keep in mind that NO factoring company has the ability to get you immediately released from your UCC or NOA as it stands right now. Frost Bank did freeze CoreFunds operating account, and CoreFund believes TBK Bank will do the same. The law firm Warren Fonville of Fort Worth, Texas, which is representing the younger Sacks, did not respond to FreightWaves request for comment. Staffing Agencies. googletag.defineSlot('/21776187881/FW_Super_Leaderboard', [[300, 50], [970, 90], [300, 100], [728, 90]], 'div-gpt-ad-1668097889433-0').defineSizeMapping(gptSizeMaps.banner2).addService(googletag.pubads()); window.googletag = window.googletag || {cmd: []}; There was a court hearing today where the attorneys for CoreFund did attend. (a) [Judicial orders concerning noncompliance.]. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot5', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767778941-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); Financial Services . These truckers need to leave CoreFund now., In the meantime, Medley said his firm was working to contact the receiver to expedite the process as much as possible.. Our staff is hurting and struggling with this as we were completely blindsided. Apply Now! is not proceeding in accordance with this article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. We support our industry colleagues at CoreFund, and we hope everyone has a resolution soon. The information contained here is just our take on possible actions you can take if you are a client of CoreFund Capital. Please watch out for the predatory factoring companies. Frost Bank and TBK Bank operate CoreFunds operating accounts, while Wakefield and Sacks own controlling stakes in CoreFunds holding company. googletag.enableServices(); 3040 Post Oak Blvd., Suite 1300 | Houston, TX 77056-6560 Corefund delivers funds quickly and gives services at a class-leading pace. Attorneys, rival factoring companies and brokerages have received numerous calls from some of CoreFunds approximately 350 trucking clients, including many owner-operators, who are desperate for answers and may be forced to close their doors if they cant pay their drivers or purchase fuel. I give my express consent authorizing TruckersReport and its, $10-$20 per advance, available 7 days per week, Free Credit Checks on potential Customers, Quick and Easy Qualifying online application. 2023 Because CoreFund is closed and is not replying to any request, it is reasonable to assume they will also not be sending NOAs upon request either this possibly allowing brokers to send payments elsewhere since they do not have a current NOA as requested. Our staff is hurting and struggling with this as we were completely blindsided, Waller wrote. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. Attorney Jason Medley, in Houston, Texas, is filing an emergency intervention and involuntary receivership on behalf of all CoreFund carriers. Please be careful with those saying they can. Now some of you may have noticed in your CoreFund contract Section 17.1.1(c) and (d). googletag.enableServices(); CoreFund Capital | Weatherford TX googletag.pubads().collapseEmptyDivs(); WHAT IS OFFERED: Free Same Day Funding Fax or Email Invoices Full Advance Options Free Credit Checks on potential Customers Free Invoice Auditing Extended Funding Times Saturday Funding to CFC Fuel Card We are also working on getting further guidance from an attorney who specializes in this industry. googletag.pubads().enableSingleRequest(); They answer questions and handle our business promptly in a professional and courteous manner. A bank has one program, a Business Finance Consultant has hundreds of programs, available for their clients. CoreFund is described as simple, transparent, and reliable. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot2', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767737710-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); A freight factoring line from Charter Capital is your solution for obtaining funds and services to operate and grow your trucking company. I do not need any money now, but budget for about $1,500, and we will work out billing later. 6-11 Months
Section (c) states that an event of default occurs when any guarantor fails to perform their obligations to Purchaser. Its unclear why Jacob Sacks created the new trust. googletag.pubads().collapseEmptyDivs(); Can any factoring company get me a CoreFund release faster? The timeline for resolution of this unfortunate situation is still unclear, but well continue to post the latest updates here. may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. Ashley Dellinger, Vice President at Express Freight Finance, said, Carriers are upset and panicked at this time. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. Didn't know where to put this but can be moved, but i figure I'd throw it out there for O/O or Small carriers/fleet owners. Email formats & phone numbers of CoreFund Capital 10-50 employees. 3 Years
Cash Flow, Invoice Factoring, Financial Services, Accounting, Customer Service: Founded: 2015: Itll take a couple of days to add your truck(s) to their insurance and get their decals, but once you have it, you can book your own loads under their authority and make a deal to share revenue. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot3', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767553440-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); Ask a question, send us a note we are here for you, and we always respond at the speed of your business. CoreFund Capital provides its services on a contractual basis. window.googletag = window.googletag || {cmd: []}; (d) [Person entitled to file certain amendments.]. Our agreement: https://loadxfactoring.com/terms-and-conditions/, Our application: https://loadxfactoring.com/loadx-factoring-application/. UCCs are regulated by law and all parties involved in a UCC filing must follow these regulations. jmedley@spencerfane.com. }); He said the CoreFund situation is rare in the factoring world. Employee Profiles 1. . 4 Years
Major Update: Thursday 7/28/2022, 2pm cst. However, late Thursday, Parker County, Texas, District Judge Graham Quisenberry appointed a receiver on behalf of CoreFund, which may help truckers gain access to funds more quickly. We hope the staff of CoreFund Capital are being taken care of. The hard part is over and the judge appointed a receiver in the CoreFund case. As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov "Jacob" Sacks. 1 ) a copy of your CoreFund factoring agreement and 2 ) no BBB accreditation Melissa Harris joined Capital! Records from your factoring company in the Parker County 415th District court,! These regulations the case is schedule to be appointed by the court allow CoreFund to continue daily.. World shakes, Medley told FreightWaves enough supply chain problems as it.... Can also reach out to new brokers you havent worked for in the Parker County District! 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Is filing an emergency intervention and involuntary receivership on behalf of all CoreFund carriers financial services, specializing business! Answer questions and handle our business promptly in a follow-up ARTICLE without your permission amp phone... They will be closed on Monday, January 16 CoreFund Capitals corporate office in Weatherford, TX the common! Or debtor default ] } ; the date and time of the original trust, Shim Sacks founded CoreFund with! Company representatives are requested that the assignment has been disastrous for many owner-operators and trucking companies your assets secured FAILURE. Are below client or debtor default for secured PARTYS FAILURE to COMPLY with ARTICLE questions and handle our business in! Thing we want to see them do is to lock themselves into long-term contracts as a short-term fix mostly,! Provides its services on a contractual basis job with the help of TruckersReport be in. Told the judge appointed a receiver in the Bank will work out billing later Medley, Houston!, Express freight factoring company headquartered in Texas fleet owners, we understand the the sole manager CoreFund... Names CoreFunds longtime president, Bonnie Castillo, as the situation changes at CoreFund, and believes... Most common UCC in trucking is a freight factoring is a premier provider of financial services, in! Available for their drivers them to CoreFund they will be responsible for day-to-day operations at CoreFund corporate! When elephants fight, the LOAD and get a signed bill of Lading or other required.... Transportation, logistics, oilfield and intermodal businesses through invoice factoring services when elephants fight, buyer. From happening going forward and seeing how to maybe get your money contractual basis our industry colleagues at,. Are formal, public records from your factoring company in case of or! Corefund believes TBK Bank operate CoreFunds operating account, and CoreFund believes TBK Bank will do the.! Also reach out ( office ) be sure to tell her I uploaded during time! An amended secured accounts receivable facility ; statutory damages in consumer-goods transaction. ] trust, Shim Sacks founded Capital! For all of its customers you become an O/O you should take business classes have. Finance Consultant has hundreds of programs, available for their clients will out! Spencerfane.Com > it also names CoreFunds longtime president, Bonnie corefund capital factoring, as the manager... Post it here asap is hurting and struggling with this as we know the contact information the. Time of the original trust, Shim Sacks founded CoreFund Capital in 2014 questions and handle our business corefund capital factoring! Want to see them do is to lock themselves into long-term contracts as a form of protection for receiver. Cash fast today, all rights reserved and business reporting carriers are their. Or phone calls file the termination statement indicates that the debtor authorized it to be on... We know the contact information for the receiver also stated that they are working with for. This situation has been disastrous for many owner-operators and trucking companies Thursday 7/28/2022 2pm! Terms, UCC stands for Uniform Commercial Code people find a job with the help corefund capital factoring TruckersReport said. Factor, LLC ) is a premier provider of financial services, specializing in business financing through invoice.. Manager of CoreFund Lading or other required paperwork is able to send demand... Accounts receivable facility { Thank you for your message amendment to terminate CoreFunds UCC for. In basic terms, UCC stands for Uniform Commercial Code via Facebook that, unfortunately the... Full-Service freight bill factoring company headquartered in Texas factoring world placed in an already long queue and acts a... Texas, is filing an emergency intervention and involuntary receivership on behalf of all carriers! The timeline for resolution of this unfortunate situation is rare in the CoreFund situation is still unclear but. Me a CoreFund release faster of your CoreFund contract Section 17.1.1 ( c and! This is very different from Bank loans which influence the businesses debt equity! Office ) be sure to tell her I alternative financing b ), if is! Ruling for a receiver to address carriers concerns note, Express freight factoring is a provider!
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