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Businesses (and Individuals) Beware Print E-mail

The threat of bankruptcy requires careful planning for potential debtors and creditors alike.

ecent events and the declining economic condition of the United States and the world, have made insolvency planning and education imperative for companies and individuals engaged in a number of the country’s business sectors, including retail, investment, insurance, oil and gas and real estate.  Not only are major companies, such as Lehman Brothers, Circuit City and General Motors, engaged in or considering bankruptcy proceedings, the trickle down effect of these large bankruptcies threatens to reach much deeper into the business world, such as automobile suppliers and  dealers, and the personal world of  workers and service providers laid off due to the lack of need for services and products.

Philip McNutt, managing partner of Hughes & Bentzen, has nearly 35 years of expertise and experience in every type of bankruptcy and insolvency matter, from workouts and state law insolvencies to large, sophisticated Chapter 11 cases. Phil’s practice has included the representation of Debtors, Secured Creditors, Equity Holders, Investors, Suppliers, Landlords, Tenants and other interest holders in cases across the country including the Southern District of New York, the District of Delaware, the Middle District of Florida, the Eastern District of Louisiana, the Central District of California and all Bankruptcy and District Courts in the Baltimore-Washington suburban area.

Businesses or individuals facing difficult times in the current economy should seek out advice before circumstances overrun their options to meet the crisis.

In the last few years, Phil’s practice has shifted from one primarily representing debtors and creditors in small to mid-size business bankruptcies to representing creditors and creditors’ committee in large, complex Chapter 11 cases.  On behalf of significant oil suppliers and investors, Phil has undertaken a significant role in recent, complex Chapter 11 cases pending in New Orleans, Louisiana and Wilmington, Delaware. In addition to representing the Unsecured Creditors’ Committee in a successful sale of oil and gas assets in New Orleans, Phil was a member of the Creditors’ Committee in the Railworks case in Baltimore, Maryland which also resulted in a successful reorganization of more than 20 affiliated companies in the rail, rail construction and related businesses.

In addition to his knowledge of bankruptcy law and practice and his experience in bankruptcy representation throughout the country, Phil brings impressive trial advocacy skills to cases in the bankruptcy court where he has been successful in obtaining orders, opinions and judgments which add significantly to the funds available for distribution of unsecured creditors.  Phil was also recently one of the lead counsel in Motions filed in the District of Delaware which obtained the appointment of a creditors’ committee representing thousands of oil and gas suppliers with secured and priority claims in a large oil and gas bankruptcy.

Businesses or individuals facing difficult times in the current economy should seek out advice before circumstances overrun their options to meet the crisis.  Advance planning often will make a vast difference and can soften the ultimate outcome.  Similar planning is essential for suppliers and service providers to the large number of retail, commercial and service businesses who are now contemplating bankruptcy. 

Phil, and the experienced business and litigation lawyers of Hughes & Bentzen, can show you how to protect your assets and business against the possibility of bankruptcy whether for you or your business, or for your customers or suppliers.

The current real estate market also dictates careful planning with respect to interests in real estate that may be threatened by bankruptcy, whether residential, office or commercial, leased or owned.  Significant pitfalls await the landlord or lessee when rent or mortgage payments are in default.  Hughes & Bentzen’s more than 35 years of experience in real estate insolvency matters can help clients preserve assets, establish priority claims and protect the rights of tenants and landlords in the face of actual, or potential bankruptcy filings.

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