We are happy to have BMS as a Diamond Sponsor for our Oct. 18-20th Annual Conference! Here are a few things you can learn about them and the services they offer:
For a new NAFER member who may not be familiar with your company and/or its solutions, can you tell us a bit about how your company/organization formed and it's key value propositions to receivers?
BMS started out as a division of a bank in 1987 that eventually became a part of Chase. This division provided software to assist fiduciaries manage their cases in exchange for placing deposits with the bank. Initially, our primary clients were Chapter 7 Bankruptcy Trustees; however, over the years, as our software and banking services have expanded, our client base has become more diverse and now includes a large number of receivers. In 2003, BMS split off from Chase to become an independent company.
BMS provides receivers and other fiduciaries with tailored depository services through our network of banking partners and end-to-end case administration software for your receivership engagements. With decades of experience in the industry, our services are designed to ensure your success by keeping your expenses down and allowing you to maximize value to the estate.
Our banking services are offered with absolutely no monthly fees and no charges for common banking transactions including wire transfers and stop payments. In addition, all deposits are FDIC insured and we offer master signature cards to allow quick opening of new accounts. Plus, you’ll work with a single team of banking experts at BMS regardless of which of our partner banks holds your deposits.
You can learn more of our services by visiting http://www.bmsadvantage.com/corporate-restructuring/.
Are there any specific industry topics you'd like to discuss as we look towards the NAFER conference to showcase your viewpoint(s) as a service provider for many in this industry?
From our many years of working with receivers, we believe topics such as Accounting and Reporting or Asset Liquidations and Claims Distributions can help receivers in the day-to-day operations of their practices. Unlike bankruptcies, which tend to have a more structured process, no two receiverships operate exactly alike. This is good and bad as it allows for much greater flexibility but also leaves a receiver wondering what they can do (or not do).
What advice would you give someone who has recently entered into the receivership industry based on your interactions with so many in this line of work?
We would advise that the receiver develop a plan early on as to how you would like to oversee the receivership then engage quickly with the judge and be transparent with them regarding what actions they wish to take. We also recommend that the receiver engage legal counsel early in the engagement to protect the estate.
We also recommend that a receiver carefully evaluate their administrative and banking systems. One of the areas that many receivers have challenges with is being able to keep track of all the moving parts of a receivership and ensuring the timely flow of monies.
What are some tools that you feel are unknown or underutilized to some clients/NAFER members that you provide that you feel would be beneficial to be exposed to for their practice?
The NAFER database is a rich source of information that may be used to reach out to other receivers in order to get advice from their peers since there are a lot of nuances to receiverships and much of what can and cannot be done is situational and not written down.
What have you found to be most valuable in your membership in / involvement with NAFER?
NAFER has given us the opportunity to expand our knowledge of receiverships to better support our existing clients – several of whom are on the NAFER board. NAFER has also allowed us to interact with other receivers who are yet to become clients of BMS.