Debt

Can the LLC Pay My Legal Fees?

Factors to Consider During Legal Disputes Between LLC Partners in KY By: Laura Day DelCotto We often see situations of business divorce and the falling out among small business co- owners. In this age of online legal forms, we also often see Operating Agreements that the 2 or 3 owners

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Revisiting Forbearance Agreements in a Pandemic

By: Laura Day DelCotto The last five or more years have been ‘happy days are here again’ for cheap money and rising asset values. Piling on more and more debt has been encouraged and easy, including multiple tranches, secured positions and waterfalls. Repaying the debt, as opposed to selling the

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SBRA Chapter 11 Bankruptcy Eligibility

Can I File a Subchapter V SBRA Case if My Business is Closed Down? The Answer is Yes! By: Laura Day DelCotto The caselaw on the new 2020 Small Business Reorganization Act (“SBRA”), which is found in the new “Subchapter V” of the Chapter 11 Bankruptcy statutes, continues to roll

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Sellers of Goods: Stick Within 19 Day (at most) Payment Terms

Guidelines for Sellers Before a Debtor’s Bankruptcy Hits By: Laura Day DelCotto Unpaid sellers of goods continue to be 100% stiffed in bankruptcy cases across this country. The equitable arguments can’t win the day under the Bankruptcy Code. Suppliers of goods sell the products to the debtor. The debtor uses them

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It’s Tax Day Again…

Extended Deadline Due to Pandemic By: Jamie L. Harris Today is the extended deadline to file federal U.S. income tax returns and state tax returns in Kentucky. You can apply for an extension, but remember to pay your estimated liability since any further extensions apply to filing deadlines only and

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“CARES” Act: How to Care for My Small Business Right Now

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

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Small Business Reorganization Act:

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

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