By: Laura Day DelCotto As we all know by now, the “Coronavirus Aid, Relief and Economic Security Act” (CARES Act) includes some bankruptcy-specific provisions. These provisions provide enhanced relief for individuals and businesses negatively impacted by the coronavirus pandemic and shutdowns. Of great importance to small businesses, the CARES Act amended
By: Laura Day DelCotto Clients who are considering whether to file for bankruptcy usually leave our office with their “homework.” We know that they grumble under their breath about the magnitude of work involved in locating the most accurate information that is available. A recent case serves as an important reminder
Saving Money for Small Businesses By: Laura Day DelCotto The Small Business Reorganization Act (also commonly known as the “SBRA”) came at the exact right time. With everything else that has gone wrong in 2020, this is hopefully something that went right. Time will tell as the bankruptcy courts across
By: Laura Day DelCotto We write often about one of the oldest sayings in the financial restructuring business: “Cash is King.” Without liquidity, all bets are off as to what viable options may exist for going forward. Yet in the cannabis industry, there is a different cash problem: too much
By: Dean A. Langdon Carl Coslow guaranteed a $4.5 million debt to a bank for a company he owned. The company struggled, and in November 2014 it sold a division on installment terms, with payments being made over several years. Those payments were assigned to the bank. The bank agreed
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 became effective on February 19, 2020. The SBRA is
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 tremendous market volatility, with some industries being
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 companies or individuals who have less than $2,726,625
By: Jamie L. Harris 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 business that leases property or equipment
By: Jamie L. Harris 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
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