**WARNING**: If you take one thing away from this show, its that you need to seek professional help before making a decision about filing or not filing 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.
This episode is part 2 of our series on alternatives to filing for bankruptcy. Our special guest is co-host, Stephen Ravin. Listen in as he talks Neil through the other legal options to filing bankruptcy. This episode is essential for anyone looking for an option that is less expensive and less difficult than a bankruptcy filing.
4:52 – Other options to a bankruptcy filing
5:21 – Best alternative for a company
5:56 – Assignment for the benefit of creditors (ABCs)
8:27 – Could the company continue operations after filing for an ABC
10:57 – Major benefit of an ABC
12:19 – Case study of a successful ABC
15:22 – What is a receivership
17:07 – How a receivership is different
17:52 – Case study of a receivership
20:45 – Description of an Article 9 sale
22:19 – Case study of an Article 9 sale
24:15 – Description and legal aspects to out of court settlement
26:37 – The attorney’s role
27:27 – The benefits of out of court settlement
27:49 – How should a company know which alternative is best
18:31 – Can a company change the choice they made?
29:58 – Can the owners buy back their company?
30:37 – How the company, creditors, and secured lenders (constituents) react
32:21 – Closing thoughts and case study
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.
Neil Goldstein is the founder of Elementary Business inc., a specialized consulting firm for distressed businesses and entities in transition. Neil works closely with owners to structure improvements in both operations and finances. 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.
Do you have any concerns about the bankruptcy process and how it will impact your business? Why not ask the experts? Feel free to reach out to Neil or Steve with your questions.