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If your business is struggling to pay its debts when they fall due, its important to keep in mind what are creditorsrights during insolvency proceedings? As a director of an insolvent company, your overriding duty moves from maximising profits for the owners to preventing further losses, with creditors repayments in mind.
More proof that there is plenty of interest from investors in the accounts receivable management industry came yesterday, in the form of a $12 million Series A funding announcement from Prodigal, a technology company that provides an automation platform for debt buyers, debt collectors, and creditorsrights law firms.
After working for a law firm based in Norfolk, Virginia handling business bankruptcy, creditorsrights, and civil litigation matters, I joined PRA Group, Inc. as Compliance Counsel.
On January 22, 2021, Rick Steinberg moderated a panel at the Transportation Lawyers Association virtual Chicago Regional Seminar entitled “An Update on Creditors’ Rights in Bankruptcy.”
Rick is the Chairman of the TLA Bankruptcy and Creditors’ Rights Committee. Rick Steinberg presented a webinar to the Transportation Lawyers Association on February 16, 2023 entitled “Keep on Truckin’ Even After a Catastrophic Accident: Subchapter V as the Last Line of Defense.”
Rick is the Chairman of the Bankruptcy and Creditors’ Rights Committee of the Transportation Lawyers Association. Bankruptcy Code, Cross-Border Insolvency, for Continuing Legal Education credit, on June 24 at the 2021 annual conference of the Transportation Lawyers Association in Lake Tahoe, CA.
Our core finding is that the Education Department adopts a creditors-rights framework for student loan repayment, which is inapposite for student loans because borrowers have unique, federal rights that are unavailable in market credit transactions.
Rick is the Chairman of the Bankruptcy and Creditors’ Rights Committee and a forthcoming member of the Executive Committee of the Transportation Lawyers Association. Bankruptcy Code.”
Anna is an associate in the Birmingham office where she practices in the firm’s Creditors’ Rights and Bankruptcy group. Burr’s Anna Akers was recently recognized in the Birmingham Business Journal ’s “Rising Stars of Law” list for 2020.
Weyman Carter – Bankruptcy & CreditorsRights. The Burr & Forman attorneys named among the “Legal Elite” list and their respective categories are: Adam Artigliere – Commercial Real Estate. Jennifer Blumenthal – Corporate Investigations. John Connell, Jr. Labor & Employment. Erik Doerring – Tax & Estate Planning.
Hanna is a partner in the firm’s Creditors’ Rights & Bankruptcy group. Her practice focuses on representing creditors and debtors, both in and out of court, on a variety of issues. Hanna helps clients enforce or restructure debt obligations, including through the bankruptcy process.
Weyman Carter – Banking and Finance; Bankruptcy and Creditors’ Right. Michael Weaver – Bankruptcy and Creditors’ Right. Adam Artigliere – Residential Real Estate; Commercial Real Estate. Pam Baker – Environmental. Jennifer Blumenthal – Banking and Finance. Michael Burns – Government. Liz Crum – Healthcare.
Although this scenario may sound far-fetched, it is an everyday occurrence for creditors’ rights attorneys, who have been targeted by “meaningful attorney involvement” lawsuits for years. If this can happen to creditors’ rights attorneys and their clients, might you and your clients be next? 1692, et seq. the “FDCPA”).
The Donald Kramer Award, named in honor of NCBA founder Don Kramer, is presented annually to an individual whose efforts have made a substantial and lasting impact for the benefit of the creditors’ rights community. National Creditors Bar Association is a nationwide bar association of over 550 creditorsrights law firms and in?house
Originally founded in 1993, the National Creditor Bar Association is dedicated to serving law firms engaged in the practice of creditorsrights law. “Brit’s many professional skills and efforts have made our firm and this industry a better and more inclusive place to practice.”. About Barron & Newburger, P.C.
He joins fellow credit practitioners, as well as the other board members, who represent all facets of the accounts receivable management arena: collection agency executives, creditors’ rights attorneys, business consultants, controllers, certified public accountants, industry trade group officers and chief financial officers.
Professional firms in all industries saw a new “normal” come to life and creditorsrights attorneys and their firms were no exception. Mark is a one of NARCA’s speakers on many of the creditor’srights issues impacting NARCA members. NARCA's values are: Professional, Ethical, Responsible.
Future Stars: Erich Durlacher , Atlanta – Creditors’ Rights and Bankruptcy. John Coleman III , Birmingham – Labor and Employment. Marcel Debruge , Birmingham – Labor and Employment. Henrietta Golding , Myrtle Beach – Labor and Employment. About Benchmark Litigation.
His experience focuses on commercial bankruptcy matters, including the representation of secured and unsecured creditors, committees, defendants in preference actions, corporate debtors, and parties involved in out-of-court restructurings and state and federal receiverships.
He concentrates his practice in creditors' rights with an emphasis on debt collection, judgment enforcement, and commercial litigation. He is certified as a specialist in the field of Creditors' Rights Law by The American Board of Certification. Jerry is also a past President of the Commercial Law League of America.
He represents various financial institutions, creditors, landlords, and other parties in all aspects of loan modifications and restructuring, commercial foreclosures, enforcement of security interests and domestic and foreign judgments, Chapter 7 and 11 bankruptcies, and creditors’ rights litigation. About Burr & Forman LLP.
CCA of A is the only association in which all agency members are certified; most for over four decades. The Association offers the superior certification program in the industry.
Cicero, III joins the Creditors’ Rights & Bankruptcy practice group. Abby Blankenship joins the Corporate & Tax practice group. She earned her undergraduate degree from Huntington College and her law degree from the Samford University Cumberland School of Law.
Mark is a one of NARCA’s speakers on many of the creditor’srights issues impacting NARCA members. The National Creditors Bar Association (NARCA) is a trade association dedicated to creditorsrights attorneys. NARCA's values are: Professional, Ethical, Responsible.
In Florida, foreclosure actions must be brought in the county where the land is located. This is typically referred to as the “local action rule.” However, lenders often wonder where they should file the foreclosure action if the loan is secured by mortgaged land situated in different counties.
However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. Florida’s Construction Lien Law found in Chapter 713, Florida Statutes, may seem like an area of the law that is only relevant to contractors and property owners.
In Florida, mortgage foreclosure lawsuits are filed in the county where the property is located. Although Florida foreclosures are governed by Chapter 702 of the Florida Statutes , foreclosing lenders must also check the local rules of the court where the lawsuit is filed to make sure that they comply with any additional requirements.
When a lender obtains a final judgment of foreclosure from the court, the mortgaged property is sold at public auction and, if bought by someone other than the foreclosing lender, the proceeds are applied to the debt owed by the delinquent borrower. However, sometimes the sale proceeds are insufficient to satisfy the full amount of debt owed.
In the event a borrower is seriously delinquent on making payments under a SBA loan, or the SBA loan is classified in liquidation status, lenders and CDCs must develop a prudent and commercially reasonable strategy to maximize their recovery on the loan.
When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. Lenders must liquidate all personal property that has a Recoverable Value over $5,000.
A residential mortgage foreclosure action is initiated in Florida by filing a verified complaint with the appropriate court. All named defendants will need to be notified of the lawsuit by being served process with a copy of the complaint and a summons. The defendants may be served by personal service or substituted service.
Parts 1-3 of this series explored alternative pre-foreclosure loss mitigation options for lenders including acceleration and enforcement of personal guarantees. This article explores Section 697.07, Florida Statutes, which governs the assignment of rents. Assignment of Rents under Section 697.07, Florida Statutes.
The Florida Supreme Court has published the proper form to use when seeking a final judgment of foreclosure: Form 1.996(a), Final Judgment of Foreclosure (8-18-20). Form 1.996(a) is incorporated in the Florida Rules of Civil Procedure under Rule 1.900.
When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. If the collateral is real property, the lender must liquidate all parcels of real property that has a Recoverable Value over $10,000.
As discussed in parts 1-4 of this series, lenders have several options prior to instituting a commercial foreclosure action. Additionally, as briefly discussed in part 5 of this series, during the foreclosure action, lenders have options to try to preserve the value of the underlying collateral and to minimize further losses.
In 2010, the Florida Supreme Court approved an amendment to the Florida Rules of Civil Procedure regarding mortgage foreclosures and enacted new forms, such as Form 1.996(b), Motion to Cancel and Reschedule Foreclosure Sale. In 2014, the Florida Supreme Court renumbered this form to the current Form 1.996(c) (2019).
The Act codifies existing common law in Florida regarding the right to have a receiver appointed by the court in commercial foreclosure actions, and provides much needed clarity, predictability, and uniformity on the standard for the appointment of a receiver and the powers of receivers.
In reviewing a loan file after a default by a borrower, lenders should evaluate whether the loan includes an acceleration clause and whether the loan is secured by any personal guaranties.
If the borrower is unable to pay the full amount owed on an SBA loan after all of the collateral has been liquidated, the borrower may submit an “offer in compromise.” An offer in comprise allows borrowers to settle their debt on the SBA loan for less than the full amount owed.
In Florida, lenders may find themselves foreclosing on real property with a mobile home attached to the land. Initially, a mobile home is considered personal property (like a vehicle) and is titled by the Department of Motor Vehicles. However, a mobile home may be “retired” to the real property and become part of the real property.
Since 2013, residential foreclosure actions in Florida have been significantly shortened—from over two (2) years to possibly less than six (6) months—because of the new “fast-track” process provided in section 702.10, Florida Statutes.
Sometimes, foreclosure of a commercial property is the only option available to lenders and servicers to limit losses as a result of defaults on hotel and restaurant mortgages. Parts 1-4 of this series discussed pre-foreclosure options available to lenders dealing with hotel/restaurant mortgage defaults.
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