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My Customer Filed Bankruptcy: Now What? (DR)
It's the moment you most dread: you found out that your customer is at risk of filing or has just filed a Chapter 11 bankruptcy case. There will be a discussion of the circumstances where credit providers can exercise their UCC adequate assurance, stoppage of delivery and reclamation rights to relieve themselves of their obligation to extend credit to their troubled customers under their existing agreements or expedite the payment of their claims. The importance of understanding the papers filed at the beginning of a bankruptcy case, the risk of doing business with a chapter 11 debtor that has not yet obtained the approval of financing or use of cash collateral, the impact of the automatic stay that arises when bankruptcy is filed, critical vendor protection, filing a proof of claim and responding to an objection to claim will also be covered.
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