Insolvency and Workout
For some individuals and businesses, bankruptcy is necessary to resolve insurmountable debt and to rebuild financial health. However, for many, there are alternatives to bankruptcy that yield better financial outcomes.
Crane, Simon, Clar & Goodman works with businesses and individuals in financial difficulty, and with creditors, to craft individualized, non-bankruptcy resolutions to financial crises. We are committed to expediting the process of debt resolution while minimizing costs, reaching a solution that will be in our client's best interests and ideally, that of all parties to the process.
Creative Debt Resolution Options for Debtors and Creditors
Crane Simon offers a team of attorneys who concentrate their practices in bankruptcy, insolvency, and litigation. With over forty years of practice in these areas, we have the experience to identify creative solutions to our clients' financial problems. Our business clients are often relieved to learn they can avoid bankruptcy, and creditors appreciate the ability to maximize recovery of assets outside of bankruptcy rather than see a debtor file Chapter 11 or Chapter 7. Non-bankruptcy solutions include:
- Workouts and restructurings, in which Crane Simon's attorneys negotiate a resolution between a debtor and creditors. Workouts are often a “win-win” in which creditors receive more than they would in bankruptcy, and debtors are able to resolve debt issues without resorting to bankruptcy.
- Assignments for benefit of creditors, in which a business debtor assigns its assets to an independent fiduciary (also known as an "assignee") who liquidates those assets for the benefit of the debtor's creditors. This process may be quicker and less expensive than a bankruptcy proceeding and may provide greater privacy to a debtor than the bankruptcy process affords. Crane Simon has successfully represented debtors and assignees in this context.
- Dissolution under state law, where there is concern with respect to the preservation of the debtor's assets due to pending creditor litigation and where a non-bankruptcy court may appoint an independent third party to protect and manage the debtor's assets pending the outcome of the litigation.
Maximizing Preservation of Financial Assets for Clients
Crane Simon has represented individual debtors, creditors, and businesses of all sizes in debt restructuring and workout matters for over forty years. We invite you to contact Crane Simon to learn more about our firm, our experience, and our services.