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reorganization
When a business becomes unable to meet obligations such as employee salaries, day to day invoices, and bank debt, management may turn to Bankruptcy law to liquidate or reorganize. As a rule, Courts prefer reorganization over liquidation, provided reorganization would be viable, preserve jobs, keep assets productive, and enhance the local economy. To begin with...
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The “good faith” defense articulated in 11 U.S.C. 550(b)(1) applies as long as the transferee: (1) is an immediate or mediate transferee under §550(a)(2); (2) took the transfers for value; (3) took the transfers “in good faith;” and (4) took the transfers “without knowledge of the voidability of the transfer avoided.”
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In the recent case of Beeman et. al. v. Borders Liquidating Trust et al. from the Circuit Court for the Southern District of New York decided on October 29, that Court examined what ought to happen when relief that could be granted, for practical reasons is not. This controversial policy, referred to as "Equitable Mootness"...
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So you're doing business as usual and notice that payments from your customer are getting later and later. Turns out that customer is struggling to navigate in the sputtering economy. Waiting for your money is bad enough; but what if you receive a demand to refund what you've been paid? And not because of anything...
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Small business remains the backbone of the most vibrant economy in the world. America leads in innovation and hard work thanks in large part to small businesses and their owners. But in lean times, business owners need to know they have options. This post is about those options.
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As the economy continues to sputter and consumers gasp for air, credit card issuers have been developing a strategy to cope with the chaos. Will they be offering longer terms? Lower interest rates? Perhaps rebates to long-time, loyal customers?
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