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Bankruptcy Bootcamp in Antic. of An Upcoming Insolvency (DR)
As the United States and the rest of the world are confronting the COVID-19 pandemic, most industries are reeling from the disruption the pandemic has been causing. A huge bankruptcy wave is on the horizon. It is more important than ever for trade creditors to prepare themselves for this onslaught. This webinar featuring two of NACM’s favorites, will enable trade creditors to be pro-active when their financially distressed customers file for bankruptcy protection. The speakers will delve into the first-day papers filed in bankruptcy cases, the difference between Chapter 11 and the other chapters, the risks of joining an involuntary bankruptcy petition, the risk of doing business with a Chapter 11 debtor that has not yet obtained the approval for financing or the use of cash collateral, the impact of the automatic stay that arises when bankruptcy is filed and critical vendor protection. The speakers will then cover trade creditors’ administrative priority claims under Bankruptcy Code Section 503(b)(9) for the value of their goods received by the debtor within 20 days of bankruptcy, the difference between these claims and reclamation rights, the rights of creditors that are parties to "executory contracts," such as supply and service agreements and purchase orders, and the steps creditors should take to protect these rights after their customer files bankruptcy. A summary of the new Small Business Bankruptcy Reform Act, as recently amended by the CARES Act stimulus legislation, will also be presented.
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