This feature originally appeared in the May 18th edition of the Pittsburgh Business Times. Q: When a customer has not been making payments, should I consider a “workout”?  Advice: A “workout” is a mutually negotiated legal arrangement, signed by both creditor and debtor, in which t Continue reading →

This feature originally appeared in the April 20th edition of the Pittsburgh Business Times.  Q: My company received notice of a significant default judgment against it.  After investigating, I discovered that an employee received notice of the lawsuit in the mail but never opened it. Can we do an Continue reading →

Understanding bankruptcy basics may be the difference between losing out and receiving fair treatment during the proceedings. While the Bankruptcy Code and Rules are complicated, they are several easily understood basics. The Bankruptcy Code groups similar creditors together to ensure that similarly Continue reading →

This feature originally appeared in the March 23rd edition of the Pittsburgh Business Times. Q: What are some suggested provisions for the terms I should include in my credit agreement in order to protect my rights against a defaulting credit customer? Advice: A credit agreement provides the terms Continue reading →

When utilized in contracts and leases, a liquidated damages clause can serve as a tool to avoid unnecessary litigation. In situations where a party has breached the terms of a lease, the parties can include a liquidated damages clause in order to determine the amount to be paid upon default for dama Continue reading →

This feature originally appeared in the February 23rd edition of the Pittsburgh Business Times. Q: What does it mean to be named a “top 20” unsecured creditor in a bankruptcy filing? Is there anything my company needs to do? Advice: A debtor filing for Chapter 11 must file a list of its 20 lar Continue reading →