Learn the risks associated with providing credit to a Chapter 11 client as well as what actions can be taken in the case of nonpayment.
When a customer files a Chapter 11 bankruptcy, a host of questions arise for the vendor. What happens to the sum owed to the company prior to bankruptcy? Does the company have to continue to provide services/goods to the Chapter 11 debtor in possession? If the company does continue to provide goods/services, is it in a better position, or is it just deepening a bad debt? Is the company going to be pursued by the debtor, a committee, or a trustee? In this presentation, Robert Westermann and Brittany Falabella of Hirschler in Richmond, Virginia, will walk through the considerations and implications of the decisions a vendor will have to make when faced with a customer that files for bankruptcy relief under Chapter 11.
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Why Lorman?
Over 39 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Considerations Prior to Bankruptcy
- Get Contracts in Shape and Make Sure They Are Followed
- Payments/Consistency
- Prepayments
- Letters of Credit
- What to Do With Troubled Accounts - Changing Terms
- Proper Documentation of Above
- Risk/Considerations: Avoidance Actions
- Preferences
Bankruptcy Considerations
- Critical Vendor Status
- Decision on Whether to Continue to Provide Goods/Services
- Is There a Debtor in Possession Financing/Approved Use of Cash Collateral in Place?
- Change Payment Terms
- Analysis of the Success of the Case/Importance of the Account
- Prepetition Contract in Place
- Assumption/Rejection of Executory Contract
- Obligation to Continue to Provide Under Contract
- Vendor Claims
- PrePetition Claim
- PostPetition Administrative Claim
- Setoff
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Why Lorman?
Over 39 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on January 25, 2023.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.0
- Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.0
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.0 hours credit.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WA CLE 1.0
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.0 hours of A/V credit under the Law & Legal Procedure category.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 39 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Brittany B. Falabella
Hirschler Fleischer
- Regularly represents Chapter 11 debtors, trustees, liquidating trustees, vendors, landlords, secured creditors, and plan administrators in multiple industries, including healthcare, retail, real estate, construction, and manufacturing
- Represents a Fortune 500 national medical supplier in bankruptcy matters throughout the country
- Represented creditors’ committees in several large retail Chapter 11 cases in the Eastern District of Virginia, including Ann Taylor/Ascena Retail Group, Inc., J. Crew/Chino’s Holdings, Inc., and Paper Source, Inc
- Named ‘Best Lawyers: Ones to Watch’ in Richmond for Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization
Robert (Robbie) S. Westermann
Hirschler Fleischer
Robert S. Westermann
- Regularly represents Chapter 11 debtors, trustees, liquidating trustees, vendors, landlords, secured creditors, and plan administrators in multiple industries, including healthcare, retail, real estate, construction, and manufacturing
- Represents a Fortune 500 national medical supplier in bankruptcy matters throughout the country
- Represented creditors’ committees in several large retail Chapter 11 cases in the Eastern District of Virginia, including Ann Taylor/Ascena Retail Group, Inc., J. Crew/Chino’s Holdings, Inc., and Paper Source, Inc
- Named ‘Lawyer of the Year’ for Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law, Richmond by Best Lawyers in America; ‘Super Lawyer’ in Bankruptcy by Thomson Reuters; and a ‘Leader in the Field’ for Bankruptcy/Restructuring, Virginia by Chambers USA
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Why Lorman?
Over 39 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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