Bankruptcy, Insolvency and Creditors' Rights

As capital markets, the global economy and industries evolve and change, business insolvencies play an increasingly significant role.  Businesses utilize the special provisions of bankruptcy law to buy and sell distressed assets, shed unwanted contractual obligations, restructure balance sheets, resolve legacy obligations and achieve reductions in workforce. We help various stakeholders in business insolvencies protect and maximize the value of their interests.

Our Clients

  • Financial institutions with non-performing assets or at-risk loans
  • Creditors’ committees
  • Suppliers and customers of insolvent companies
  • Distressed companies
  • Counterparties to contracts with insolvent companies
  • Trustees in bankruptcy
  • Purchasers of assets
  • Landlords and tenants
  • Foreign businesses or administrators

What Makes Us Different

Shumaker understands applicable bankruptcy and related laws and effectively uses those provisions to our clients’ advantage.  These are the strengths we bring to a bankruptcy practice that is structured to help clients deal with today’s competitive realities:

  • Depth.  Twelve lawyers focused on business insolvencies.
  • Scope.  A national and global practice that includes representation in Bankruptcy Courts in 36 states, including frequent appearances in Delaware and New York, as well as appearances in foreign countries.
  • Experience.  Our lawyers are well versed in the relevant law and use it creatively to our clients’ advantage.
  • Responsiveness.  Our lawyers are dedicated and responsive, and take the time to comprehend your business and goals.
  • Understanding Clients' Objectives.  Our lawyers understand that one size doesn’t fit all, and that our clients’ legal issues require tailored and often unique solutions.

Particular Areas of Focus

  • Services to creditors’ committees:  From “first day motions” to Plan confirmation, we advise creditors’ committees on maximizing value for creditors on Chapter 11 issues including:
    • DIP financing
    • Section 363 sales
    • Executory contracts
    • Negotiating plan terms
    • Avoidance litigation.
  • Services to secured lenders:  For financial institutions and other lenders, our work on bankruptcy and workout situations includes:
    • Covenant violations and forbearance agreements
    • DIP financing, cash collateral and adequate protection
    • Relief from stay
    • Section 363 sales
    • Assertion and defense of secured claims.
  • Debtor/trustee bankruptcy litigation:  We represent debtors and trustees in bankruptcy in complex litigation to recover assets for the benefit of creditors.
  • Services to Suppliers:  We represent suppliers to distressed companies with respect to various rights including:
    • 20-day administrative claims
    • Post-petition sales to a debtor
    • Setoff of mutual obligations
    • Supply contracts and intellectual property rights
    • Defense of preference or other avoidance actions
  • Related issues: We also:
    • Advise clients on non-bankruptcy work-outs, assignments for the benefit of creditors and receiverships
    • Advise Chapter 7 trustees and unsecured creditors' committees in all aspects of bankruptcy proceedings
    • Assist commercial landlords in disputes with tenants who have filed bankruptcy petitions
    • Defend clients in preference actions

Why You Benefit

Clients tell us we get it right.  We know there is little margin for error in a business insolvency.  Companies in the zone of insolvency, lenders with at-risk loans, suppliers and customers of troubled companies all need decisive, spot-on legal advice to maximize outcomes in insolvency situations.  Our lawyers:

  • Add value by getting it right
  • Provide guidance quickly and at reasonable cost
  • Are decisive and know what we are doing at every stage
  • Understand the importance clients place on cost-benefit analysis

Core Services

  • Creditors’ committees
  • Secured lender remedies
  • Secured and unsecured creditor remedies
  • Advice to companies in the zone of insolvency
  • Chapter 11 filings
  • Receiverships
  • Assignments for the benefit of creditors
  • Avoidance litigation
  • Equitable subordination claims
  • Lender liability claims
  • Section 363 sales
  • Intellectual property rights in bankruptcy
  • Labor and employment rights for insolvent companies
  • Tax issues arising from a business insolvency

What you can expect from Shumaker

From a simple matter to a complex case, Shumaker is intent on providing the right solutions for our clients’ business objectives by:

  • Recognizing our clients’ business goals and objectives
  • Appropriately matching our experience and resources to our clients’ goals
  • Proactively using our experience and command of applicable law to our clients’ advantage
  • Being dedicated advocates for our clients’ positions
  • Responding to our clients and their needs with diligence and dedication

News Releases

08.13.2014Steven M. Berman Featured Speaker at 22nd Annual Southwest Bankruptcy Conference
05.28.2014Christina C. Nethero and H.S. "Brad" deBeaubien Graduate Tampa Connection
05.19.2014David Conaway to Present to The Credit Research Foundation’s Credit and Accounts Receivable Open Forum and Expo
05.14.2014G. Thomas Curran, Jr. Receives Pro Bono Lapel Pin Award
04.18.2014G. Thomas Curran, Jr. Joins Shumaker, Loop & Kendrick, LLP
04.11.2014Steven M. Berman Spoke at 37th Annual Judge Alexander Paskay Memorial Bankruptcy Conference
04.10.2014Steven M. Berman Guest Lecturer at University of Florida College of Law Advanced Bankruptcy Seminar
11.19.2013David H. Conaway to Present to National Steel Mill Credit Group
11.19.2013David H. Conaway to Present to the Commercial Finance Association
11.18.2013David Conaway to be a Panelist for 2-day Association of International Credit and Trade Finance Professionals Webcast
09.19.2013David Conaway to Moderate and Speak on International Credit and Trade Finance Professionals Webcast
08.15.2013Shumaker, Loop & Kendrick, LLP Lawyers Named Best Lawyers' 2014 “Lawyers of the Year”
01.31.2013David H. Conaway Presented ICTF Webcast on "The Use of Corporate Guarantees in U.S. and Canada"
11.28.2012Shumaker Attorneys Hosted Bankruptcy Seminar
11.19.2012Steven M. Berman Participated in JAG Corps Bankruptcy Training
11.19.2012Steven M. Berman Presented at Bankruptcy Seminar
11.16.2012Steven M. Berman Spoke to National Water Products Group
09.25.2012Mark D. Hildreth Panelist at ABI 17th Annual Southeast Bankruptcy Workshop
05.17.2012Steven M. Berman Guest Lecturer at University of Florida College of Law Advanced Bankruptcy Seminar
04.19.2012David H. Conaway Panelist on "Creditor Participation Rights in Insolvency Proceedings" for University College London Conference
03.23.2012David H. Conaway Presented "Cross-Border Insolvency, Chapter 15, and Comparative Analysis of Foreign Countries Insolvency Laws" before the National Paper Packaging Credit Group
03.05.2012Steven M. Berman to Speak at 36th Annual Judge Alexander l. Paskay Seminar
02.14.2012Steven M. Berman Panelist at 20th Annual Bankruptcy Battleground West
09.29.2011David M. Grogan Presenter at National Apparel & Footwear Credit Association
09.27.2011Steven M. Berman Participating in JAG Corps Bankruptcy Training
09.15.2011Steven M. Berman Participated in ABI Southwest’s Second Annual Great Debates
07.20.2011David H. Conaway to Present ICTF Webcast on "Chapter 15 - Cross Border Insolvency Issues"
03.11.2011Steven M. Berman Panelist for San Diego Bankruptcy Forum
03.10.2011Steven M. Berman Spoke at 35th Annual Judge Alexander L. Paskay Bankruptcy Seminar
10.13.2010Rachel B. Goodman Joins Shumaker, Loop & Kendrick, LLP
10.08.2010David H. Conaway to Speak Before Juvenile Products Credit Group
07.01.2010Shumaker, Loop & Kendrick, LLP Attorneys Named to Super Lawyers, Corporate Counsel Edition
06.24.2010Steven M. Berman to Speak at San Diego Bankruptcy Forum Workshop
06.15.2010Steven M. Berman Panelist at 26th Annual Bankruptcy & Restructuring Conference
06.07.2010Steven M. Berman Panelist at 22nd Annual Insolvency Conference, California Bankruptcy Forum
05.05.2010David Conaway to Speak Before the Furniture Manufactures Credit Association
09.30.2009Steven M. Berman Will Participate as a Panelist for the San Diego Bankruptcy Forum Auto Mega Case Program
08.25.2009Steven M. Berman Speaking on Evidence and Litigation Skills at American Bankruptcy Institute's Southwest Regional Conference
06.09.2009Steven M. Berman Guest Lecturer at Advanced Bankruptcy Seminar
05.26.2009Steven M. Berman Participant in California Bankruptcy Forum Annual Conference
05.01.2009Steven M. Berman Spoke at Annual Spring Meeting of the American Bankruptcy Institute
12.01.2008Steven M. Berman to Speak at Annual Spring Meeting of the American Bankruptcy Institute

Publications

06.01.2014Eleventh Circuit Denies Rehearing En Banc in McNeal, The Cramdown
05.01/2014"Working on the Chain Gang - Supply Chain Finance as the 'New Normal'"
04.30.2014"Business Bankruptcy: Executive Summary - Need to Know Bankruptcy Concepts"
Winter 2013/2014"Working on the chain gang:  Supply chain finance as the new norm;" Eurofenix, Winter 2013/14
11.2013"How Much Diligence is Due? Defining an Attorney's Duty to Perform a Pre-petition Inquiry," ABI Journal (Vol. XXXII, No. 10)
10.08.2013"Snowden. . .Snail Mail. . .Surveillance"; Eurofenix, Autumn 2013
Summer 2013"A Value Play:  Chapter 11 Mergers and Acquisitions"; Eurofenix, Summer 2013
June 2013"A Value Play:  Chapter 11 Mergers and Acquisitions"; Business Credit, a publication of National Association of Credit Management
May 2013"The $382,901 Check Really is in the Mail"
04.19.2013"A Value Play:  Chapter 11 Mergers and Acquisitions”; Charlotte Business Journal 
03.31.2013"Can't You Hear Me Knocking? The Dreaded Preference Demand"; The Credit and Financial Management Review, Volume 19, Number 1, First Quarter 2013
Spring 2013"Comparative Study Assists Reform of Chapter 11"; Eurofenix, Spring 2013
01.18.2013"Neither a Borrower Nor a Lender Be:  Sources of Working Capital in U.S. and Canadian Insolvencies"; Charlotte Business Journal; The Credit and Financial Management Review
12.01.2012"Neither a borrower nor a lender be"; Eurofenix, Winter 2012/13
12.01.2012"USA:  The Mexican Hat Dance:  the Story of Vitro"; Eurofenix, Winter 2012
11.07.2012"Can't You Hear Me Knocking? The Dreaded Preference Demand"; ictfworld.org e-newsletter, The Association of International Credit and Trade Finance Professionals
11.01.2012"Can't You Hear Me Knocking? The Dreaded Preference Demand"; insights Newsletter, Fall 2012
10.16.2012"Can't you hear me knocking?  The dreaded preference demand."  Eurofenix, Autumn 2012
07.20.2012"New York Bankruptcy Court Flexes Global Muscle"; Eurofenix, Summer 2012
02.21.2012"It's Alive! Deepening Insolvency Helps Creditors Recover"; Shumaker, Loop & Kendrick, LLP Newsletter
02.10.2012"Chapter 15:  International Bankruptcy:  Foreign Debtors Get Green Light to Sue U.S. Companies"; Charlotte Business Journal
12.01.2011"Chapter 15: International Bankruptcy: Foreign Debtors Get Green Light to Sue U.S. Companies"; Eurofenix, Winter 2011/12
10.01.2011"Setoff: A 100% Solution"; Shumaker, Loop & Kendrick, LLP Legal Update
10.01.2011"Mexican Companies Cross Border for Protection"; ictfworld.org e-newsletter, The Association of International Credit and Trade Finance Professionals
06.01.2011"Where is a Company's Centre of Main Interest?"; ictfworld.org, e-newsletter, The Association of International Credit and Trade Finance Professionals
05.31.2011"Shareholder LBO: Safe Harbor for Cash Out?"; Shumaker, Loop & Kendrick, LLP Legal Update
12.01.2010"US Sale of the Century: Five Days in September"; Eurofenix, Winter 2010/11
11.19.2010"Setoffs in Bankruptcy"
04.19.2010"Bankruptcy Law Update: Payment is Not Always Certain for Postpetition Sales to a Bankruptcy Debtor"
06.01.2009"Bankruptcy in the U.S.: The Need to Know Bankruptcy Concepts Part 2"; Eurofenix, Summer 2009
04.30.2009"Reclamation and §503(B)(9): Issues in the Aftermath of Phar-Mor v. McKesson"
12.01.2008"Bankruptcy in the U.S.: The Need to Know Bankruptcy Concepts Part 1"; Eurofenix, Winter 2008/09
11.01.2008"Business Bankruptcy - Executive Summary"; Shumaker, Loop & Kendrick, LLP Legal Update
05.14.2004"Critical-Vendor Status Key In Bankruptcy"; Charlotte Business Journal, Business of Law Issue

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Events and Presentations