A chapter 11 or chapter 7 bankruptcy filing is not the best option for every client. In certain situations, a client’s financial problems can be resolved through an out-of-court restructuring, financial workout, or dissolution. In these situations, our team works closely with the client to identify the main concerns leading to the financial distress. Often the client’s problems stem from a default with a secured lender, an issue with a commercial landlord, a dispute with a critical vendor, or costly unresolved litigation. In these instances, we will negotiate with the appropriate counter-party to resolve the matter, whether through a forbearance, modification, or settlement.
Occasionally, the best option for the client is a formal dissolution under state law. Our team helps clients to prepare a plan of dissolution that complies with applicable state law. We distribute the resulting plan to all known creditors and attempt to address any creditor concerns or related issues. We also ensure that the dissolution is in compliance with the entity’s organizational documents and that all necessary filings are completed.
Whether the recommended approach is a financial workout or a dissolution, our team strives to deliver positive results with an eye toward the bottom line.
- Virginia Business Magazine, 11.30.2020
- 26 Hirschler Lawyers Named to 2021 Best Lawyers®, 4 Named “Lawyers of the Year” and 3 Listed Among “Ones to Watch”08.20.2020
- 38 Hirschler Lawyers Named Among Virginia Business Legal Elite, Lisa Goodwin Profiled in Environmental Law CategoryVirginia Business Magazine , 12.05.2019
- Amelia Island, FL, 07.24.2020
- Cambridge, MD, 08.06.19 – 08.08.19
- Amelia Island, Florida, 05.22.2019
- Larry Katz and Steve Leach Chair Panel Discussions At Maryland Bankruptcy Bar Association ConferenceAnnapolis, MD, 05.03.19 - 05.04.19
- Washington, D.C., 04.11.19 - 04.14.19
- The Small Business Reorganization Act May Be About To Get (Much) Smaller. The Time To Act Could Be Now.03.01.2021
- Modern Restaurant Management, 11.11.2020
- We’re All in This Together: Key Considerations for Lenders, Investors and Tenants in the Wake of COVID-1903.27.2020
- Impending Changes to the Bankruptcy Code Improve the Ability of Small Businesses to Reorganize and Add Restrictions to Efforts to Recover Preferential Transfers09.10.2019
- Toys “R” Us Bankruptcy Cases Highlight the Use of Third-Party Releases and “Opt-Out” Provisions in Chapter 11 Plans01.29.2019
The Impact of COVID-19
The Impact of COVID-19
It may soon be a rare business enterprise that is able to insulate itself from the negative economic effects of the COVID-19 pandemic. While we hope the economy will rebound once the pandemic begins to abate, until then, the Hirschler Restructuring and Creditors Rights Group stands ready to assist clients in addressing the financial challenges of these economically unsettled times.
Whether you are facing the loss or interruption of business, challenging financing relationships, the need to downsize or restructure, or other creditors’ rights issues, the Hirschler team will work with you toward a successful outcome.
Contact us to understand your options and devise a recovery strategy that protects your business and financial health.
Visit our COVID-19 Resource Center for continuing coverage of the financial impact of the pandemic.