Episode 2: Who Should File?

**WARNING**: The hosts and guests of Corporate Bankruptcy A To Z all consistently preach that you need to speak with a professional before deciding to file for bankruptcy.**

Welcome to Corporate Bankruptcy A to Z, a show designed to educate you on the ins and outs and the dos and don’ts of corporate bankruptcy. On this show, you will hear experts from every step of the bankruptcy process answer the questions that you will need to know, from the simple to the complex.

Email your questions for the experts to neil@elementarybusiness.com and to sravin@saul.com Their door is always open and they will respond.

This episode will cover what conditions a company experiences when considering a filing, asset and liability ratios, which professionals might help in making the decision to file and much more.

Highlights:
7:22 – The importance of having accurate financial statements.
8:26 – Profits
9:25 – Personal guarantees
11:38 – Lawsuits and their importance to a filing
13:21 – Bank debt and its importance in a filing
14:48 – The company’s balance sheet
16:37 – Can there be a guide for a company to help decide to file
17:32 – Professionals needed for a filing
19:10 – Communications with the company’s primary lender
20:10 – Will a bank work with the company?
23:37 – Should the company threaten to give the keys to the bank if they will not help?
24:45 – Is the debt forgiveness a taxable event to the company?
26:32 – What if the company has a judgment while they are deciding to file?
27:09 – Client that filed for good reasons
28:44 – The impact on employees, vendors, creditors
31:04 – How vendors react
32:20 – Why you should disclose issues to employees
34:02 – How a company can successfully exit a bankruptcy
35:10 – Case study

Guest Info:

For this episode we have a special guest. Tom A. Colvin of MCR Capital Advisors Corporation. Tom brings over 30 years of work experience working with individuals and companies in a multitude of industries. Tom’s expertise is focused on enabling businesses in several the facets and activates deemed essential for their operation.

Call him at 214-575-9985 or email him colvint@mcrapitaladvisors.com or you can go to their website here.

Host Info:

Neil Goldstein (AKA the Workout Guy) is the founder of Elementary Business inc. a specialized consulting firm for distressed businesses and entities in transition. With many successes in his portfolio, Mr. Goldstein focuses on the needs of the owner to achieve results in profitability, sale of the company or finding a partner for growth.

Call 940-808-9451 or Email neil@elementarybusiness.com or visit ElementaryBusiness.com

Stephen B. Ravin is a highly seasoned insolvency and bankruptcy attorney, with more than 40 years experience. He has served as a trustee and has represented trustees, individual and corporate debtors, creditors, creditors’ committees, assignees for the benefit of creditors and receivers.

Call 973-286-6714. Or email him sravin@saul.com You can also visit his firm’s website.

Join a supportive team of diverse, highly-motivated professionals to leverage your skills and experience, fuel your professional growth, and make a difference on your very first day.
Check out Strive Consulting

Reach out to Neil or Steve with your questions

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