Creditors Trade Association (CTA), a North American capital asset recovery business founded in 1920, said it has formed a joint venture with Fortune Capital Recovery (FCR) to target major business accounts in securing payment of delinquent receivables.

Gary Looney, president & CEO of CTA with more than 40 years of experience in the asset recovery business, said, “We are very excited about joining forces with Fortune Capital Recovery and their team of former corporate C-Level executives in delivering a complete legal-based solution to the collection of delinquent debt for major corporations.”

CTA provides complete “in-house” legal support for the collection of bad debt. In addition to inside legal counsel, CTA maintains a national network of attorneys to support its collection efforts. CTA has an exceptional 30+ year record of effective debt collection with no “out of pocket” costs to its clients.

Ted Morgan, president and CEO of FCR with more than 30 years of experience as a C-Level executive and as a founder of a number of corporate ventures, noted, “This new joint venture with CTA brings together a proven, legal based, debt collection business together with a Team of former major corporate C-Level executives, familiar with the issues faced by corporations in the collection of large amounts of delinquent debt.”

Morgan continued, “Our team has an exceptional network of corporate chief financial officer contacts, whom we will now assist in reducing the amount of delinquent debt carried on their books through the utilization of CTA’s proven legal system collection protocol. Many of our team members have had extensive experience in the equipment leasing business, so this will be a special expertise that we will bring to the leasing finance industry. I have known Mr. Gary Looney for many years and am pleased to be able to partner with him in building this exciting new business venture.”