In the excitement of getting your new business up and running, it is difficult to think of everything you need to do. Succession planning may not be part of your checklist at this point. However, if you have partners, shareholders and employees, there is no time like...
Business Law
Business owners can use Subchapter V to protect their homes
by Paul Hollender | Dec 27, 2020 | Bankruptcy, Business Law, Chapter 11, Small Business Reorganization, Subchapter V
Many business owners borrow against their home and use personal credit cards to build and prop up their businesses. New Bankruptcy Chapter helps protect personal assets while business gets time to stabilize
Hidden Risks of filing Subchapter V, Small Business Chapter 11
by Paul Hollender | Apr 18, 2020 | Bankruptcy, Business Law, Chapter 11, Small Business Reorganization, Subchapter V
Small Business Chapter 11 (Sub-chapter V) is a great tool if you have not transferred any assets to others, removed your name from ownership documents, or made substantial payments to friends and family. If you have, then careful analysis and timing of any bankruptcy filing will make the difference between success and failure.
Covid-19: Personal Financial Crisis
by Paul Hollender | Mar 19, 2020 | Bankruptcy, Business Law, Chapter 11, Chapter 13, Chapter 7, Small Business Reorganization, Subchapter V
Can Bankruptcy be a solution? Are you eligible? What are the Risks? What are your personal options? What is the best Chapter for you? What is the best timing? Everyone’s situation is unique. A“cookie-cutter” bankruptcy filing without proper strategic planning may not...
Reason No. 7 to Investigate Small Business Chapter 11: A Chapter 11 Trustee can be a Plan facilitator
by Corash & Hollender, P.C. | Mar 16, 2020 | Bankruptcy, Business Law, Chapter 11, Small Business Reorganization, Subchapter V
In a Traditional Chapter 11 case there is no Trustee: a debtor is on its own dealing with creditors and the Court. In a new Small Business case, a Chapter 11 Trustee is appointed. Unlike a Chapter 7 Trustee, however, who is only interested in liquidation and is an...
Reason No. 6 to Investigate Small Business Chapter 11: No Disclosure Statement
by Corash & Hollender, P.C. | Mar 13, 2020 | Bankruptcy, Business Law, Chapter 11, Small Business Reorganization, Subchapter V
In Traditional Chapter 11 it is necessary to prepare a detailed “Disclosure Statement” similar to a prospectus for the purchase of securities. Preparation of such document is time-consuming and expensive. Then it must go through a hearing process and the judge must...
Reason No. 5 to Investigate Small Business Chapter 11: No New Capital Contribution
by Corash & Hollender, P.C. | Mar 9, 2020 | Bankruptcy, Business Law, Chapter 11, Small Business Reorganization, Subchapter V
In Traditional Chapter 11 the owners of the company are not allowed to remain as owners of the reorganized company unless either (i) the creditors accept the plan, or (2) the owners invest new capital of a value at least equal to the net worth of the reorganized...
Reason No. 4 to Investigate Small Business Chapter 11: No U.S. Trustee Fees
by Corash & Hollender, P.C. | Mar 6, 2020 | Bankruptcy, Business Law, Chapter 11, Small Business Reorganization, Subchapter V
In Traditional Chapter 11 the company must pay quarterly fees to the U.S. Trustee’s office, based upon the amount of quarterly disbursements. If disbursements are less than $15,000 per quarter the fee is only $325; but as disbursements rise, the quarterly fee...
Reason No. 3 to Investigate Small Business Chapter 11: No Creditors Committee
by Corash & Hollender, P.C. | Mar 2, 2020 | Bankruptcy, Business Law, Chapter 11, Small Business Reorganization, Subchapter V
In Traditional Chapter 11 the company must negotiate with a Creditors’ Committee. This creates an added layer of expense, because the attorneys for the Creditors’ Committee have to get paid by the debtor. In the new Small Business Bankruptcy Chapter 11 there is no...
Reason No. 2 to Investigate Small Business Chapter 11: Creditor approval not mandatory
by Corash & Hollender, P.C. | Feb 28, 2020 | Bankruptcy, Business Law, Chapter 11, Small Business Reorganization, Subchapter V
In Traditional Chapter 11 the company must obtain at least one accepting class of creditors. This often means that the debtor must propose to pay creditors in full to obtain their consent. In the new Small Business Bankruptcy Chapter 11 this is no longer required....

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