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Article 9
6 Common Mistakes in Drafting Collateral Descriptions
Whether there is change in collateral or a serial number is listed incorrectly, errors in collateral descriptions can lead to expensive disputes.
Selling Distressed Assets: The Assignment for the Benefit of Creditors Alternative
An assignment for the benefit of creditors (ABC) can be a faster and more cost-effective alternative for a chapter 11 or 7 liquidation. Understand more about this alternative for selling distressed assets effectively.
Dealing with Corporate Distress 12: Meet Our Little Friend, The UCC
In this installment we introduce you to the UCC generally, focusing on Article 9 to illustrate its importance in the context of business distress.
Dealing With Defaults Under Article 9 of UCC: A Player’s Guide for the 21st Century
What are the legal remedies available under Article 9 of the UCC to a lender whose loan is secured by the personal property of a borrower who is in default? How can these legal remedies can be implemented in practice?
How a Distressed Company Can Manage Cash and Stakeholders in a Liquidity Crisis
Considerations for Companies in a Cash Crisis A liquidity crisis is a severe financial situation in which a company does not have enough cash or cash-convertible assets, which can lead to defaults and bankruptcy. Managing cash is critical when working to preserve or maintain solvency in order to maximize opportunities for a successful turnaround or […]
Incorporation by Reference in UCC-1 Filings
How Brevity in Financing Statements Can Lead to Insufficient Collateral Descriptions Our fast-paced society, coupled with the tendency for people to use shorthand in communications by emails and Twitter, influences everyone to look for ways to save time and be less verbose. When preparing and filing a UCC-1, however, brevity can be the filer’s enemy. […]
90 Second Lesson: First Step Before Buying a Distressed Business
How Types of Sales Affect the Purchase of a Distressed Business Editor’s Note: this is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to [email protected] and we will try to answer it. Question What is the first integral decision a buyer must make […]
Best Practices for UCC-3 Terminations and Continuations
Careless UCC-3 Termination Filings Have Costly Consequences Lenders and borrowers are focused on potential workouts and refinancing of loans due to the COVID-19 pandemic. As such, UCC-3 terminations and continuations will be thrust into the spotlight. Under Article 9 of the Uniform Commercial Code (“UCC”), a UCC-3 is defined as a filing used to make or […]
PPP Loans for Chapter 11 Debtors? Maybe…But You Have Other Options
The SBA’s Views, Court Rulings and Options for Your Company You need to restructure your debt and/or deal as soon as possible with assertive creditors. You want to preserve your company, and you would benefit (or already have benefited) from Paycheck Protection Program (PPP) funds as a bridge. What do you do? Can you risk […]
The Myth of the Newspaper Being a Commercially Reasonable Notice
Is It Commercially Reasonable Notice, If No One Is Reading?1 You represent a secured lender. You are to assist your client in its exercise of rights under UCC §9-610 to sell its collateral after it has foreclosed upon the collateral. Or maybe you represent a chapter 11 debtor and are selling its assets under Bankruptcy […]