Always a touchy issue and one that insurance providers tend to avoid like the plague:
A client, call him Ted's Tools, was burned by one of his clients, Sarah's Screws and Nails, going bankrupt.
Ted fell to the back of the line for money owed to him for services completed when Sarah went bankrupt. There was absolutely no warning and Sarah was, until then a huge, admired company.
What possible recourse does Ted have in this situation and is there an insurance policy that could cover some or all of the loss? Given that the loss was as a result of a bankruptcy.
I'm thinking outside of a custom Lloyds product, no?
A client, call him Ted's Tools, was burned by one of his clients, Sarah's Screws and Nails, going bankrupt.
Ted fell to the back of the line for money owed to him for services completed when Sarah went bankrupt. There was absolutely no warning and Sarah was, until then a huge, admired company.
What possible recourse does Ted have in this situation and is there an insurance policy that could cover some or all of the loss? Given that the loss was as a result of a bankruptcy.
I'm thinking outside of a custom Lloyds product, no?
