ARTHUR C. UNGER, Biography
Arthur C. Unger, (born 1946), graduated with a Bachelor's of Science Degree in Accounting from Brooklyn college in 1969.
From 1966 through 1973 he served in the Corporate Finance Departments of American Airlines, Butler Aviation Intnernational and ABC Air Freight.
In 1973, he formed Arthur C. Unger, Public Accountants providing accounting, audit and tax services to small businesses.
In 1978, devised the "Rule of Three" for determining if an account receivable qualified for outside, third party, collection assistance. Under the "Rule of Three" , if an account is 3 or more months past due, has gone 3 months without making a payment and has broken 3 committments to pay, the accounts is deemed to be a recalcitrant debtor and requires third party assistance to collect the monies due.
Since 1973, Mr. Unger has been highly active in the field of insolvency, acting as Financial Consultant to Creditors’ Committees, Secretary to Creditors’ Committees, Disbursing Agent in Liquidations, Assignee for the Benefit of Creditors, and Trustee in Bankruptcy (under both Chapters 7 and 11 of the Bankruptcy Code), on a national basis.
In 1980, he formed Arthur C. Unger & Company - Financial Consultants which specializes in providing a broad spectrum of consulting services in the insolvency field, emphasizing assistance to creditors, creditors’ committees and trustees in all forms of insolvency matters.
In 1984, while representing the Unsecured Creditors Committee of Custom Hi Fi, in Houston Texas, he coined the term "forensic accounting". Since then "forensic accounting" became the specialty service offered by all accounting practitioners in of the insolvency field.
Mr. Unger has been highly active in the field of credit management and has chaired or appeared in numerous seminars and workshops for the educational development and improvement of the credit profession.
As a Chapter 11 Trustee, Mr. Unger, has run businesses having sales volumes in excess of $80,000,000, operating is six different states having 64 retail outlets. He has expertise in running multi-state, multi-store, retail, wholesale and mail order business. He has successfully liquidated numerous large companies generating dividends for unsecured creditors from insolvencies thought to be no asset cases.
Mr. Unger’s expertise and qualifications contain the proper balance of prefessional knowledge and practical "hands on" working experience in the area of insolvency which fills the "grey" void between the services rendered to insolvent estates by attorneys, accountants, trustees and liquidators.
