The state law dissolution statutes offer a cost-effective method to minimize claims when a business cannot reorganize. While reorganization is often the goal when a business experiences financial distress,... Read More
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Chapter 11 debtors often have tax problems. If a debtor has not paid the Internal Revenue Service or State of Michigan, it is unlikely to have paid its local... Read More
These are unprecedented times. The coronavirus outbreak has affected many businesses, but has... Read More
A debtor can feel helpless after its secured loan matures and the bank demands payment. For a business that cannot pay the bank’s demand, relief can be... Read More
Joseph K. Grekin, Jason L. Weiner, and Nicholas R. Marcus’s article ... Read More
According to the Michigan State Police’s 2018 Asset Forfeiture Report, there were 5,558 forfeitures in 2017 under the Public Health Code, MCL § 333.7521-333.7533 (the “Controlled... Read More
Debtors can be overcome by a feeling of helplessness arising from the IRS’s unrelenting enforcement of seemingly insurmountable and still ever-increasing tax... Read More
Companies facing insolvency often “rob Peter to pay Paul.” In these cases, pension and retirement contributions may get robbed. While we generally see this occur where the insolvent... Read More
Can controlling directors and managing members get away with breaching their fiduciary duties to their companies and hanging onto control long enough for the... Read More
Courts appoint receivers to preserve and protect assets in dispute between parties. Courts can appoint a receiver upon a motion by a party,... Read More
Banks do not have to keep their promises to you or your clients, at least promises not in writing. As if someone behind the teller counter needed encouragement, Michigan... Read More
In February 2015, Judge Gerber heard arguments regarding whether the “bankruptcy shield” – protecting GM from claims that arose prior to the 2009 Chapter 11 case – should continue to... Read More
As most of the public knows, General Motors is currently fighting to retain the “bankruptcy shield” granted to it in the 2009 Chapter 11 case to protect it from litigation related to the... Read More
Often, corporate by-laws, shareholder agreements, operating agreements and employment agreements contain provisions requiring a mandatory redemption or sale of an equity interest upon the occurrence of... Read More
In Michigan, if a husband and wife jointly own real estate, an unlimited amount of equity in it can be fully protected from the creditors of only one spouse. This type of joint ownership is known as... Read More
When a business fails, the creditors’ quest for collectible assets sometimes turns from the empty coffers of the business to the pockets of any co-obligor principals, with homestead equity often being... Read More
The Michigan Court of Appeals issued an unpublished decision on October 24, 2013 in the case of Woodridge Hills Association v. Douglas Walter Williams and D.W. Williams, LLC that tells the classic... Read More