The full details and a timeline dating back to last week are below. You can look up in public records the filing made in Parker County, TX. If youre looking for a new factoring service and youre coming from CoreFund, give us a call +1 (410) 204 2084. Paperwork is submitted easily through email. This is exactly why factoring companies suck. A freight factoring line from Charter Capital is your solution for obtaining funds and services to operate and grow your trucking company. As of Monday night, July 25th, the company confirmed via Facebook that, unfortunately, the entire CoreFund team was terminated. PERSONS ENTITLED TO FILE A RECORD. 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. googletag.cmd.push(function() { . Factoring involves three parties, the buyer, the seller and the factor. NOT SO FRIENDLY FACTOR TRIUMPH BUSINESS CAPITAL. First, none of the information below constitutes legal advice, and you should consult an attorney. We appreciate how complicated this process and situation can get, especially for smaller carriers. CoreFund has filed a UCC on all clients. Our commitment is to our clients by providing them with. }); googletag.cmd.push(function() { We want to be transparent. June 3, 2022 Contact Information. Our President, Justin McKibben, has spent much of the weekend on the phone directly with carriers trying to help any way possible. googletag.cmd.push(function() { If we can help in any other way, dont hesitate to reach out to our team at Express Freight. 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 There was an error trying to send your message. Financial Services . 5) No Online reviews, Your email address will not be published. If you send them to CoreFund they will be placed in an already long queue. googletag.pubads().enableSingleRequest(); Harris is experienced in a range of factoring operations. (d) [Recovery when deficiency eliminated or reduced.]. Were hoping the receiver thats appointed will be able to get them released from CoreFund because until then, we cant help them.. We wont look for reasons to come back at you for money like everyone else does. 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. (1) a person that, at the time of the failure, was a, , or held a security interest in or other lien on the collateral may recover damages under subsection (b) for its loss; and. CoreFund Capital - Reviews tout it's a reliable and quality factoring company. Also needed is a revocation of a notice of assignment that is sent to the truckers customers instructing them to make a payment to CoreFund, which in turn pays them. -Todd Waller. Factoring services, unlike bank loans, focus on the value of receivables. If this is done, the receiver will be able to process buyouts and terminations. We know about them shutting down and owing money. 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. PMB 2108, Is your factoring company next? 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()); A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if: (1) the secured party of record authorizes the filing; or. LoadX Factoring has made contact with the receiver appointed by the court to act for CoreFund. googletag.enableServices(); No matter what you do, We will continue to be here to help you. 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. Currently we are all at the mercy of the court system, CoreFund attorneys, and CoreFunds owners. 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. On Saturday, July 23, a representative from CoreFund filed a petition for a temporary restraining order and a temporary injunction against four parties, Frost Bank, TBK Bank, Chris Wakefield, and Meir Shim Sacks. As we said from the beginning, we stand with the great staff that made CoreFund the success it was. Update 7/28: Freightwaves just published a comprehensive update of the CoreFund situation. window.googletag = window.googletag || {cmd: []}; He will need 1) a copy of your CoreFund factoring agreement and 2) your original UCC1 filed by CoreFund against your assets. Section (c) states that an event of default occurs when any guarantor fails to perform their obligations to Purchaser. CoreFund Capital provides its services on a contractual basis. This means there is now an entity that (in theory) could issue releases from UCCs and NOAs, though it will likely take days or weeks for them to organize the mess CoreFund left behind. 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. The petition states that this is because of a , between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). googletag.cmd.push(function() { The hard part is over and the judge appointed a receiver in the CoreFund case. The initial credit line provided to the client on May 31 was increased from $12 million to $25 million on Nov. 2 to provide the necessary availability to support ongoing growth for the client. 3. Factoring entails purchasing accounts receivables from a business at a discount. This may be good news as it may allow for a faster path for removing UCCs and NOA to allow clients to sign on to a new factoring company without issue. Freightwaves has done some reporting on the CoreFund case and LoadX Factoring has a great page of day-to-day updates on their website if youve missed any information. We are in contact with the International Factoring Association, the largest factoring association in the world, and also the association that both CoreFund and we at LoadX Factoring are a part of. We also suggest you login to your CoreFund portal and download every report year to date, broker list, collection notes, etc that you can. As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov "Jacob" Sacks. 4 days ago 10 trucking companies that used their services were having issues. The Top 10 Best Freight Factoring Companies. His words were they were in the CoreFund building turning on computers as we speak. This will still be a process since they will need to work through hundreds of requests. As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. CoreFund Capital is a great factoring company, their reviews online are a testament to that. Have a safe holiday. Tony Ginevra, director of operations for Florida-based John J. Jerue Truck Broker, works with a network of 50,000 trucking companies, including 140 carriers in his database that factor their receivables through CoreFund Capital. Employee Profiles 1. . With month-to-month agreements and no hidden terms or fees, why not start getting your cash fast today, All rights reserved. It does not look like it at the moment. AVOID THESE PREDATORY FACTORING COMPANIES. #notsofriendlyfactor, Clarissa has covered all aspects of the trucking industry for 14 years. Attorney Jason Medley also stated his team has an emergency order ready to be filed Friday night if it doesnt look like progress with terminations have been made. Corefund has gone above and beyond and helped me manage my cash flow . 1-5 Months CoreFund Capital specializes in business financing through invoice factoring. Subject to subsection (h), if requested by the account debtor, an assignee shall seasonably furnish reasonable proof that the assignment has been made. 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. Extended hours, including Saturday funding. (800) 405-5464 Corefund Capital Profile and History CoreFund Capital LLC, an invoice factoring company, provides business and cash flow solutions through full service invoice factoring. Many of you are now aware that CoreFund is currently closed due to an ongoing lawsuit and that all staff was terminated last week and is now legally unable to conduct any business whatsoever. We are also working on getting further guidance from an attorney who specializes in this industry. 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()); CoreFund Capital: How Express Freight Finance is Helping July 26, 2022 Is Freight Factoring Worth it? googletag.enableServices(); View All Contacts . The law firm Warren Fonville of Fort Worth, Texas, which is representing the younger Sacks, did not respond to FreightWaves request for comment. *NOTE: LoadX Factoring was started by truckers, for truckers in order to help other truckers and help them avoid predatory factoring companies. Don't spin your wheels on complicated lease terms or tedious invoice processing. 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. Factoring services, unlike bank loans, focus on the value of receivables. 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 COURT APPOINTED RECEIVER WOULD NEVER ENTER INTO SUCH AGREEMENT. Cash Flow, Invoice Factoring, Financial Services, Accounting, Customer Service: Founded: 2015: Truly a great group of people. 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. googletag.enableServices(); CV22-0851. 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. 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. We are doing everything in our power to restore things back to normal operations however we are currently unable to do so therefore we understand if our clients need to make other arrangements., CoreFund Capital Facebook Post, 7/22/2022 at 1:25pm cst, All, I would suggest you contact OOIDA. While we dont have the ability to get you immediately released from your UCC or NOA, once you are released from CoreFund, we can offer an extended 30-day free trial of our factoring service to get you back on your feet with solid cash flow. CONSHOHOCKEN, Pa., Jan. 27, 2021 /PRNewswire/ -- DrayNow, the first real-time intermodal marketplace, and CoreFund Capital, a premier full-service. Were actively working with a number of carriers affected by this situation to identify solutions for their unique situation. Menu icon A vertical stack of three evenly . Here are a few excerpts of this regulation that may be of use. 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. This would allow a receiver to be appointed by the court allowing all Notice of Assignments to be revoked and UCCs to be terminated. 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