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Bankruptcy Discussions
No one goes into business planning to file bankruptcy. But even thriving businesses may be drawn into bankruptcy if one of their customers or suppliers files for bankruptcy protection. And when faced with economic headwinds, businesses that thoughtfully plan for a potential bankruptcy filing early on tend to fare better than those businesses that hold out until the bitter end and file only as a last resort. While an actual bankruptcy case calls for a specialist, all business lawyers should have a working understanding of bankruptcy basics to identify opportunities and threats.
Bankruptcy 101: Landmines to Avoid During the Pandemic and Beyond
Bankruptcy filings will inevitably be on the rise given the uncertain economic environment. If your client’s company is a creditor involved in a bankruptcy, there is no substitute for being prepared for and seeking outside bankruptcy counsel to advise on proper strategy. You may want to advise your client to proactively hiring counsel to strategically structure vendor contracts; analyze sale opportunities, particularly of distressed assets; restructure your own client’s corporate debt; if involved in a large Chapter 11, hire counsel to advise upon the benefits of having representation upon the creditors’ committee; and, advise your client’s company, if applicable, on the bankruptcy impacts of oil and gas and intellectual property issues.