My Customer Filed Bankruptcy: Now What?
- Wed, December 13, 2017, 03:00 - 04:30
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It’s the moment you most dread: you found out that your customer is at risk of filing or has just filed a Chapter 11 bankruptcy case. There will be a discussion of the circumstances where credit providers can exercise their UCC adequate assurance, stoppage of delivery and reclamation rights to relieve themselves of their obligation to extend credit to their troubled customers under their existing agreements or expedite the payment of their claims.
The importance of understanding the papers filed at the beginning of a bankruptcy case, the risk of doing business with a chapter 11 debtor that has not yet obtained the approval of financing or use of cash collateral, the impact of the automatic stay that arises when bankruptcy is filed, critical vendor protection, filing a proof of claim and responding to an objection to claim will also be covered.
Bruce S. Nathan, Esq.
Bruce S. Nathan, Esq. is a partner of Lowenstein Sandler LLP in the firm’s bankruptcy, financial reorganization and creditors’ rights group. Bruce has more than 30 years’ experience in the bankruptcy, restructuring and insolvency field. He co-chaired the Avoiding Powers Committee, which worked with the American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11. He also is a former member of ABI’s board of directors and previously co-chaired ABI’s Unsecured Trade Creditor Committee. He authored ABI’s Trade Creditor Remedies Manual: Trade Creditor Rights under the UCC and Bankruptcy Code and contributes to ABI Journal’s Last in Line Column. Bruce also is a member of NACM’s Government Affairs Committee, a regular contributor to NACM's Business Credit, a contributing editor of NACM’s Manual of Credit and Commercial Laws, as well as a co-author of The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005: an Overhaul of U.S. Bankruptcy Law, published by NACM.