Melissa Anne Peña, a Member of law firm Norris McLaughlin, P.A., and Chair of its Bankruptcy & Creditors’ Rights Practice Group, along with Jerome F. Gallagher, Jr., and Bruce J. Wisotsky, also Members of the firm, presented the free webinar, “Before the Deluge: Preparing for the Anticipated Rise in Bankruptcy Filings.”
Even under the best of circumstances, navigating thru a Chapter 11 bankruptcy filing can be stressful and fraught with uncertainty for all involved. Add in the disruptive effects of COVID-19, and it’s easy to appreciate the daunting task facing bankruptcy courts, debtors, creditors, and their lawyers. The pandemic has challenged many industries and as the economy has worsened through the pandemic, declaring bankruptcy has become the only lifeline left, and, given the ongoing economic uncertainties, a successful Chapter 11 reorganization has become all the more important.
This webinar addressed steps that can be taken to protect a creditor’s interests before and immediately after a bankruptcy filing by a customer, client, or counterparty to an agreement. The panelists discussed the recommended actions to be taken upon the establishment of creditor-debtor relationship, when a customer/client appears to be in financial distress, and upon notice of bankruptcy filing.