Presented by: James R. Irving, Office Managing Partner at Dentons Bingham Greenebaum LLP
Date: August 12, 2020
We have seen huge businesses file bankruptcy in this pandemic. It’s not much of a surprise knowing how COVID-19 hit the economy. Although it has a negative connotation, filing for bankruptcy isn’t entirely a bad thing and certainly not the worst that could happen to a company.
James Irving shed some light in the role of bankruptcy and what it means when a company files for it. He also discusses in length the three types of debt which are the secured creditors, unsecured creditors, and equity interests. Struggling companies have two options, they could either negotiate with their creditors, or they can file for bankruptcy right away. Both have their pros and cons. All these are talked about in this webinar.
Filing for bankruptcy doesn’t mean that you have already failed as a business owner. It only means that you are looking out for the best interest of your company. Doing so will protect you against harassment from your creditors. They also can’t terminate their contracts with you or force you to pay for the debts. Filing for bankruptcy means that you are putting all the stakeholders together to work through all the obligations and finally see a better solution.
Learn more about the strategies mentioned by James Irving in this webinar via his email james.irving@dentons.com or by calling his 502-587-3606.