One of the fundamental principles of corporate law is that the owners, directors and officers of a corporate entity generally are not personally responsible for the entity’s debts. Without this insulation from personal...more
1/26/2022
/ Creditors ,
Employee Retirement Income Security Act (ERISA) ,
Family Businesses ,
Fiduciary Duty ,
Financial Statements ,
Fraudulent Conveyance ,
Insolvency ,
Loans ,
Personal Liability ,
Secured Debt ,
Shareholders ,
Trust Funds
With Covid-19 wreaking havoc on global supply chains, vendors continue to face some difficult choices. Modifying the credit terms of contracts with struggling customers and even withholding credit is probably prudent. It’s...more
Borrowers should not be surprised when their lender requests a “checkup,” financial review, or audit.
Lenders are nervous. Despite long-term institutional relationships with customers, many banks are seeking to reduce...more
8/12/2020
/ Audits ,
Banking Sector ,
Banks ,
Borrowers ,
Chapter 11 ,
Collateral ,
Coronavirus/COVID-19 ,
Financial Institutions ,
Financial Planning ,
Forbearance Agreements ,
Hospitality Industry ,
Insolvency ,
Lenders ,
Loans ,
Perfected Security Interest ,
Risk Assessment
A bankruptcy trust for creditors (including former workers and trade vendors) who lost significant sums of money in the Toys “R” Us Inc. (TRU) bankruptcy sued former Chief Executive Officer David Brandon, several other...more