By: Laura Day DelCotto Bankruptcy Judge Robert Grossman in the Eastern District of New York recently issued one of the first substantive court decisions. This decision was regarding the new Small Business Reorganization Act. This is commonly called the “SBRA”, which...
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Essential Tips for Businesses During the Coronavirus Pandemic
Business To-Do List in This Time of Crisis By: Laura Day DelCotto I recently attended a national panel discussion on the outlooks for COVID-19 in the private equity and M&A space. The present uncertainties make it difficult to make any predictions. There is...
Chapter 11 SBRA Provisions
Debtors Can Elect to Use the SBRA Provisions Even if the Case Was Pending Before Effective Date By: Dean A. Langdon On February 19, 2020 the Small Business Reorganization Act (SBRA) became effective, providing a streamlined, simpler Chapter 11 bankruptcy process for...
Insider Transactions in Bankruptcy
When small business owners file for chapter 11 bankruptcy, seldom do they reflect on the impact of bankruptcy on affiliated entities. In bankruptcy, insider[1] transactions are subject to heightened scrutiny. It is not uncommon to have a debtor that operates a...
What Accountants Need to Know About Chapter 11 Bankruptcy
If you are an accountant today, you will more likely than not have a corporate client at some point that is in a Chapter 11 bankruptcy proceeding. The role of an accountant in Chapter 11 proceedings is vital. It is important to know that as an accountant you are a...
Business Bankruptcy and Disclosing Assets
Individual Business Owners Can Lose the Right to Discharge Their Debts in Bankruptcy By: Dean A. Langdon The ultimate goal of every individual filing bankruptcy is to be released, or discharged, from the obligation to repay debts. Bankruptcy laws put conditions on...
2020 Distressed Industry Outlook
What the Retail, Trucking, Oil and Gas Industries Face Going Into a New Decade By: Dean A. Langdon The pundits tell us that the economy is doing very well, and by some measures, that’s true. But there are always industries in our economy that are undergoing financial...
Largest Trucking Company Bankruptcy
Celadon Group Filed for Chapter 11 Bankruptcy By: Dean A. Langdon Celadon Group, a trucking company based in Indianapolis, Indiana, filed a chapter 11 bankruptcy in Delaware on Monday, December 9th. Celadon has almost 2,700 trucks in the United States, Canada and...
LLC Operating Agreements: Not Just a Form
By: Laura Day DelCotto In financial workout, litigation and bankruptcy settings, we often see problems and disputes which have arisen in limited liability company (LLC) settings. More often than not, financial issues among and between members bubble up to the surface....
Employee Bonus Payments have “Value”
Chapter 11 Bankruptcies and discretionary bonuses By: Laura Day DelCotto A May 2019 Delaware Bankruptcy Court opinion provides a detailed analysis of why the Judge dismissed fraudulent conveyance claims. Claims were filed in numerous adversary proceedings by the...