Episode 8: Immediate Changes

**Caution** Seek professional legal advice before deciding if bankruptcy protection is what your company needs.

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.

Guest – Chris Bailey

07:01 – The paperwork is filed, what happens next.
07:53 – First day motions allowing the company to continue in business
09:56 – What could go wrong from the first day hearings
11:09 – Does the company operate normally? section 363
11:48 – Debts pre-petition and post-petition. Administrative expense status
12:21 – The company becomes the custodian for the creditors
13:06 – Creditor’s committee
14:42 – Applying for cash collateral.
17:22 – Cash collateral case study
18:13 – What happens to employees and the pay owed when the company filed
19:29 – What happens to contractor’s compensation
20:20 – Essential vendors – could contractors be considered essential
21:06 – Unpaid commissions, bonuses for employees.
21:30 – Contractual arrangements. Section 365.
22:41 – Overhead
23:31 – Budget to be submitted to the court
25:59 – First contact with the court
27:41 – How to operate in bankruptcy.
31:15 – Essential creditors – what makes a creditor essential
34:03 – Can a company change after filing for bankruptcy
36:05 – What happens to owners compensation
38:18 – Treatment of family members
39:34 – Accuracy of filing documents
40:30 – Monthly Operating Reports (MOR)
43:37 – Office of the Trustee fees
45:48 – Closing thoughts

Christopher A. Bailey focuses his practice on bankruptcy and restructuring. He represents both debtors and creditors in complex corporate reorganizations and bankruptcy litigation throughout the United States. Mr. Bailey’s experience includes representing financially distressed entities across various industries, including healthcare, real estate, and energy. You can reach him at 214-969-1784 or email Chris.Bailey@hklaw.com.

Host Information:

Neil Goldstein (AKA the Workout Guy) is the founder of Elementary Business inc. a specialized consulting firm for distressed businesses and entities in transition. Mr. Goldstein 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.

Neil’s book is  available on Amazon.com

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 an

Want more content? Then head over to Patreon and become a member. On Patreon we are working on a catalogue of bonus episodes and you can hear the answers to your questions from a business perspective instead of just a legal one. If you want more direct access to Neil and Steve or want to supplement the education you are already getting here, then follow the link in the show notes below and become a Patron today.

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