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Just curious? Go after shippers if broker goes bankrupt?

Discussion in 'Ask An Owner Operator' started by bamanation, Jul 1, 2023.

  1. Jul 1, 2023 #1
    bamanation

    bamanation Heavy Load Member

    797
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    Jan 22, 2009
    Muscle Shoals ,AL
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    Carriers owed millions after Mississippi brokerage files for Chapter 7
    In the case that a broker goes bankrupt. Can we as carries go after shippers to make good on payments? I mean at the end of the day I don’t get how a broker goes bankrupt. They are literally passing money from one company to the next while taking a percentage for themselves. I personally believe this should be a criminal case if they spend money that didn’t belong to them in the first place. That is just my opinion…..
     
    bamanation, Jul 1, 2023
    bamanation, Jul 1, 2023
    #1
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  3. Jul 1, 2023 #2
    rollin coal

    rollin coal Road Train Member

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    Mar 29, 2008
    TN
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    Well when they have to pay carriers in 30 days but customers might be slow paying 45 or 60 things can get out of hand if they don't already have a big pile of cash on hand.
     
    rollin coal, Jul 1, 2023
    rollin coal, Jul 1, 2023
    #2
    Midwest Trucker, Siinman, Nostalgic and 1 other person Thank this.
  4. Jul 1, 2023 #3
    Ridgeline

    Ridgeline Road Train Member

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    The judge will determine who gets paid and if there is a responsible party - CEO or executives - who may have liability because of fraud.
     
    Ridgeline, Jul 1, 2023
    Ridgeline, Jul 1, 2023
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    Siinman Thanks this.
  5. Jul 1, 2023 #4
    RunningAces

    RunningAces Road Train Member

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    Jul 2, 2017
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    If they are of any size their bond will be used up so fast as to matter very little. You could sue as a creditor I suppose but you'd probably be so so far down the list as to have no shot. Brokers aren't exactly an asset based business.
     
    RunningAces, Jul 1, 2023
    RunningAces, Jul 1, 2023
    #4
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