Debt Workout Attorneys Acting in Your Best Interests
The length and depth of the recent recession left a lot of bad loans in its wake. The combination of cash flow problems and declining collateral values that characterized the recession created severe difficulties for many commercial borrowers and lenders.
If your business finds itself faced with acute or chronic financial problems, or you anticipate that you will encounter economic issues in the near future, contact Seder & Chandler in Worcester or Westborough. We may be able to proactively help you avoid financial problems by shifting assets, working with your creditors or reorganizing your business structure.
Our lawyers' experience with debt workouts, credit extensions and asset sales can save your company from bankruptcy. If reorganization or liquidation in bankruptcy court appears inevitable, we can work with you to make sure that you will get the maximum benefit possible from bankruptcy relief while minimizing the exposure of guarantors, partners and principals. We have carefully followed the recent changes to the bankruptcy code, and have modified our bankruptcy practice to take these revisions into consideration.
Whatever your unique financial situation, we work hard to find a resolution that is in your best interests.
Our attorneys therefore concentrate on negotiating solutions with major creditors — banks, inventory suppliers, the IRS — to extend repayment terms or liquidate assets in an orderly manner that protects their collateral value with minimal damage to your operations. We also advise distressed businesses about layoffs, plant closings, severance issues and mandatory notice to employees.
Results-Oriented Commercial Debt Workouts
Sometimes there is just no way to avoid bankruptcy. If sustained efforts to work with your major creditors prove unavailing, our work with you in the weeks and months prior to bankruptcy will protect you from the mistakes that could result in personal liability for shareholders, directors, partners or other insiders.
We can help you manage contingent liability under personal guaranties, assure you about the impenetrability of your corporate veil, and make sure that you will not be facing issues like preferential payments, fraudulent transfers or objections to discharge.
For further information about our experience with commercial debt workouts and the protection of debt-ridden small business owners, contact Seder & Chandler today. We proudly serve clients throughout central Massachusetts and the Metro West Boston area.
