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Business Law Essay

957 words - 4 pages

Suing a customer over an unpaid debt is certainly not the most enjoyable tasks a business owner endures, but it does have to be done sometimes to minimize losses. If I were suing a customer and I received a notice stating that the customer is filing for bankruptcy the first thing I would do is try to find out what type of bankruptcy the client is filing for. I would most certainly try to minimize my losses by trying to rearrange my case so that I could recuperate as much from the client as possible. I would try to do this without having to set up a court date because another court date means more hours away from work and more cost in terms of travel and paying a lawyer if I have one, not to ...view middle of the document...

2012).
The first reason why Chapter 11 bankruptcy seems like the best option is because of the contracts that could yield profitable results, the business would have long-term revenues that will be higher than the liquidation value of the assets currently owned. After all, the reason bankruptcy had to be considered was because we could not get our current debt lowered by 50% to secure a loan from a lender, thus there isn't much value in liquefying assets. With a Chapter 11, creditors will get more money back by allowing me to reorganize and work out a payment plan. In turn, I would become a debtor in possession, that is, I would be allowed to maintain ownership and control of my assets including new assets coming in while continuing regular day to day operations (Clarkson et al,. 2012).
Under Chapter 11, my company would still be allowed to make usual sales and purchases that are part of our normal business operations, but that is it. I wouldn't be allowed to invest in another company through my corporation or sell any major assets without the courts approval. This would be fine with me since I would be trying to work the contracts already set in place and utilize the profits that are coming in. Depending on how big the bankruptcy is I would follow the payment plan as best as I could to pay back all the creditors. Under Chapter 11, I would be allowed to lay off employees and renegotiate the collective bargaining agreement that were unduly burdensome to lower debt that is owed. Voiding out union contracts, contracts with suppliers, and any real estate leases would be completely within my realm of possibilities (Clarkson et al,. 2012).
Avoiding...

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