Learn legal strategies and best practices available for use when working with financially-troubled suppliers.
The economic ripple effects of COVID-19 have caused an increase in financial distress for many companies. When we think of financial distress, our first thought is often about customer defaults. But your suppliers' financial problems can quickly become your own, creating supply chain disruptions and saddling your business with additional costs. This topic offers proactive steps for determining if you have suppliers in distress and explains legal strategies and best practices available for use when working with financially-troubled suppliers. This material will also discuss how to prepare for the potential bankruptcy of a supplier and your potential options and rights in the case that a supplier seeks bankruptcy protection.
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Why Lorman?
Over 34 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
Risks Presented by Distressed Suppliers
- Barriers to Resourcing
- Costs of Resourcing
- Special Issues for Certain Industries
Supplier Review
- Determine Key Suppliers
- Steps to Review Suppliers
- Difficulties in Obtaining Financials
- Credit Reporting
- Quality and Warranty Programs
- Access to Facilities and Inspection Rights
- Other Information Sources and Red Flags
Contractual Terms and Conditions
- Contract Requirements
- Ability to Transition and Time Requirements
- IP, Tooling and Equipment Issues
Adequate Assurance for Critical Supplier
- UCC 2-609
- Potential Issues and Drawbacks in Demand for Adequate Assurance
Modifying Contractual Terms
- Timing
- Leverage
Other Pre-Bankruptcy Strategies
- Parts Bank
- Re-Sourcing
- Financial Support With Access and Accommodation Arrangement
Strategies During Supplier Bankruptcy
- Understanding the Automatic Stay
- Monitoring Supplier's Bankruptcy
- Supplier Rights to Assume or Reject Contracts
- Actions That Do Not Violate the Automatic Stay
- Bankruptcy Court Assistance
Credit
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Why Lorman?
Over 34 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 February 25, 2021.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.5
- Alaska attorneys may receive 1.5 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 1.4
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.4 hours credit.
- AR CLE 1.5
- This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.5
- 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 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.5
- Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 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).
- HI CLE 1.25
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.25 CLE credit hours.
- IL CLE 1.25
- This course was approved for a total of 1.25 hours of MCLE Credit by the Illinois MCLE Board.
- ME CLE 1.0
- This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.0 hours of CLE credit under M. Bar R. 12.
- ND CLE 1.5
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.5 hours of CLE credit.
- NH MCLE 1.4
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 84 Minutes.
- NJ CLE 1.8
- This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
- NY CLE 1.5 including Skills 1.5
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Skills for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for credit for established attorneys only. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
- PA CLE 1.0
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
- RI CLE 1.5
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
- VT CLE 1.5
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 6 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WI CLE 1.5
- This program qualifies for 1.5 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
- WV MCLE 1.8
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
- ISM 1.25
- Participants who successfully complete this program will receive 1.25 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
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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- Arizona CLE 1.5
- CA MCLE 1.5
- CT CLE 1.0
- HI CLE 1.25
- ME CLE 1.0
- NJ CLE 1.8
- NY CLE 1.5 including Skills 1.5
- VT CLE 1.5
- WA CLE 1.5
- WV MCLE 1.8
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Credit
More Program Information
Why Lorman?
Over 34 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
Jonathan E. Lauderbach
Warner Norcross + Judd LLP
- Executive partner at Warner Norcross + Judd LLP
- Focuses on commercial and bankruptcy litigation
- 26 years of experience as an attorney
- Represents creditors and creditors’ committees in Chapter 11 cases, in industries such as automotive, hospitality and lodging, wine and spirits, tool and die, and real estate
- Represents clients in both bankruptcy and non-bankruptcy supply chain disputes, in diverse industries such as automotive supply, chemical manufacturing, food processing and distribution, and construction equipment
- Negotiates and enforces accommodation agreements, forbearance agreements, loan restructurings and liquidations, and sales pursuant to the Uniform Commercial Code
- Prosecutes and defends lawsuits involving claims of fraud and fraudulent transfers, preferential transfers, non-dischargeability and the validity and priority of claims or interests
- Currently chair of the Michigan Supreme Court’s Attorney Discipline Board
- Frequent speaker on topics such as supply chain, intellectual property, fiduciary duties and corporate governance
- Served as a Circuit Judge for Midland County, Michigan prior to opening Warner’s Midland office in 2013
Credit
More Program Information
Why Lorman?
Over 34 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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