Alternatives to Bankruptcy: Assignments for the Benefit of Creditors, Receiverships, UCC Article 9 Sales, Compositions and More
- Wed, May 3, 2017, 03:00 - 04:30
Loose Lips Sink Ships
Time: 3:00 - 4:30 pm ET
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Bankruptcy cases have become too expensive and a less viable alternative for smaller, financially distressed companies. As a result, debtors have more frequently availed themselves of non-bankruptcy vehicles, such as assignments for the benefit of creditors, receiverships, UCC Article 9 Sales, Compositions, and other non-bankruptcy devices. This program discusses these non-bankruptcy alternatives, how they differ from bankruptcy cases, how trade creditors should respond when their customer opts for any of these alternatives and potential preference risk in assignments for the benefit of creditors and receiverships.
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.