KEN KIRSCHENBAUM, ESQ
ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE
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Bankruptcy / cs webinars
August 13, 2020
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Register for Central Station 2020 Webinars below
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Central Stations – still time to get on our Central Station 2020 Webinar schedule. Contact Stacy Spector,Esq., at 516 747 6700 x 304 or SSpector@Kirschenbaumesq.com
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Bankruptcy
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Not yours, your customers. The crazy economic and social times has not severely impacted the alarm industry; not yet anyway. Deemed essential, most alarm companies managed to stay busy during the shutdown. While new sales may have lagged, repair service and upgrades for existing customers increased. Government stimulus packages benefited the alarm industry like many businesses and working people who found themselves either out of employment or out of work [beneficiaries of PPP program if still working or unemployment benefits in not working]. All in all, I’d be surprised if the current business conditions have caused alarm companies to “go out of business” or go bankrupt. Decide to cash in, sell, and retire, maybe, but not because you have to.
But alarm customers are having very different experiences. Some businesses, restaurants and retail stores at the top of the list, had to shut down, many remain closed, and those that are open are not doing sufficient business to survive, at least not for long. Waiting for a miracle is not exactly a good business strategy. The uncertainty of the presidential election and which direction this country and its economy will take doesn’t instill much comfort.
What do you need to be cognizant of? Customers not able to pay; customers going out of business; customer claims for losses caused by everyday burglaries and fires, increased risk because the businesses are not open and loss by riots.
You are going to see notices from the Bankruptcy Court. These notices will advise you that your customer has filed one of several options in bankruptcy. For residential consumers the option will be chapter 7 or 13; for commercial customers the option will be chapter 7, 5 or 11.
Residential: The notice may state that it’s a Chapter 7 No Asset Case and you need not file a claim unless notified, or an Asset Case and you need to file a proof of claim. If it’s a chapter 13 case you need to file a claim, and don’t wait.
Commercial: Same as above if it’s a chapter 7. If chapter 11 [let’s forget chapter 5 – I don’t think you’ll see to many of those for while] the notice may say you don’t have to file a claim, but I think you should anyway, and right away.
Keep in mind that once a bankruptcy petition is filed you need to get a new contract or get the old contract “reaffirmed”.
If you need assistance contact K&K’s bankruptcy department by contacting Stacy Spector, Esq at 516 747 6700 x 304 or SSpector@Kirschenbaumesq.com and she will have the appropriate attorney in our bankruptcy department handle your matter.
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Register Now for the CS webinar series:
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Electronix Systems C.S.A: August 18, 2020 12 PM ET
https://attendee.gotowebinar.com/register/6687185048941964300
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Emergency 24: August 19, 2020 12 PM ET
https://attendee.gotowebinar.com/register/2545025679947785228
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Central station webinars
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Not all central stations on The Alarm Exchange have opted to participate as of yet. You still have time. Contact our Concierge Coordinator Stacy Spector, Esq at SSpector@Kirschenbaumesq.com or 516 747 6700 x 304. You just might pick up one or more dealers.
And, speaking of dealers, selecting the right central station is important; there’s lots to consider. K&K is saving you the trip to Vegas and bouncing from one booth to another, stuffing your pockets with candy and pens [not that there is anything wrong with that]. You have and you will be hearing from the best of the best in this webinar series.
Keep in mind that any legitimate central station is going to require you to sign a Dealer Agreement. This isn’t a car rental contract at the airport. It can be modified and you need to ask for those modifications. I’ve designed a Rider that applies to every central station Dealer Agreement because it includes all the provisions a dealer should be asking for and is entitled to. If you are negotiating with a new central station or re-negotiating with your current central station, be sure to get the Rider. It’s $500 and well worth it. Order it at www.alarmcontracts.com in the Monitoring Centers Contracts category.
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Central Station* 2020 webinar series K&K is hosting webinars by central stations, one at a time, who will address "why you should be using our central station". Each webinar will be approximately 20 minutes and then Q&A opportunity. See what your central station has to offer or what others offer, enabling you to choose the right central station for you. You should be using a central station listed on The Alarm Exchange to be assured of quality and more importantly, accountability.
* only central stations on The Alarm Exchange will be invited to participate
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To order up to date Standard Form Alarm / Security / Fire and related Agreements, click here: www.alarmcontracts.com
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CONCIERGE LAWYER SERVICE PROGRAM FOR THE ALARM INDUSTRY
You can check out the program and sign up here: https://www.kirschenbaumesq.com/page/concierge or contact our Program Coordinator Stacy Spector, Esq at 516 747 6700 x 304.
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Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
200 Garden City Plaza
Garden City, NY 11530
516 747 6700 x 301
ken@kirschenbaumesq.com
www.KirschenbaumEsq.com
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