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During a period of economic volatility, it is essential for businesses to implement and maintain a collection program for accounts receivable and monies due, and maintain and adhere to a policy relative to personal guarantees. This article seeks to raise various issues for consideration by a business person on the topic of collections and guarantees. […]
The courts are filled with cases against guarantors and individual general partners. After foreclosing real estate, lenders are proceeding against the borrowers, general partners and guarantors for deficiency judgments (i.e., the difference between what a borrower owes on an outstanding loan and the amount a lender receives from the sale of the foreclosed collateral). Because […]
The Foreclosure Title Report Title companies in Arizona issue a trustee’s sale guarantee for non-judicial foreclosures. A litigation guarantee or a foreclosure report is issued for the judicial foreclosure of a real property security interest. The guarantee report is generally a commitment to insure title to the property in the name of the beneficiary under […]
1. ABANDONMENT. Order of the Bankruptcy Court or trustee disavowing any interest of the bankruptcy estate in particular property. (§ 554 of the Bankruptcy Code). 2. ADEQUATE PROTECTION. That which need be afforded a secured creditor to enable a debtor to use the bankruptcy stay to hold off creditor’s attempts to foreclose. Adequate protection can […]
Before and/or shortly after the filing of a Chapter 11 petition, the debtor and debtor’s counsel should consider the following issues. 1. CORPORATE RESOLUTION. Where the debtor is a corporation or an entity controlled by an agreement between its principals, the debtor should follow the procedures articulated therein, so that the act of the Chapter […]
In the commercial arena, bankruptcy has become a tool not infrequently used by business people. Be it an asset sale, a device to negotiate with the taxing authorities or a precursor to a recapitalization, the financial professional should be familiar with the options available under the Bankruptcy Code. Also, being aware of what may occur […]
Michael McGrath is a partner and the Board Chair of Mesch Clark Rothschild. He is a commercial lawyer in a practice which emphasizes debtor and creditor rights as well as commercial and real estate litigation and transactions. Michael is a Phoenix native and received his J.D. from the University of Arizona College of Law. He […]
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