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Business & Commercial Bankruptcy Archives

As bankruptcy looms, nursing home CEO seeks payout

A major nursing home chain, the second largest in the country is facing the real possibility of a business bankruptcy but is currently trying to navigate a dispute between the chain's chief officer and the firm which is the landlord of the chain's many properties. A private equity firm which bought the chain is also involved.

Business bankruptcy can be a beginning, not an ending

Opening a business can be an overwhelming endeavor. While many Rockland residents dream of starting their own entities and being their own bosses, few take the difficult step of forming businesses. Of those that do open their business's doors, many will face challenges in their first years of operation.

Common forms of business debt

It takes a lot for a Rockland resident to keep the doors of their small business open. From paying for utilities and rent for the physical structure of the business entity to paying the employees and stocking necessary inventory, it can seem as though all of the cash flow is out of the business instead of into it. When a business finds that it is hemorrhaging funds and unable to pay its bills, it can be important for the business owner to step back and assess where the business is losing all of its financial ground.

What is the 'small business case' under Chapter 11 bankruptcy?

Chapter 11 bankruptcy is an important legal mechanism that allows a New York business to keep its doors open while reducing its outstanding debts. In some cases, individuals can use it to eliminate their financial obligations, but, by and large, it is a process utilized by business entities. Large corporations use it frequently, but it can also be employed by small businesses.

Reorganization may be a good step for your business

With the holidays quickly approaching, many New York businesses are likely hoping for big profits to carry them into the New Year. Unfortunately for some, those sought-after revenues may be insufficient to help them start 2017 on strong financial footing. If your business is struggling and in need of help to find its way, bankruptcy may be a viable option.

Debt, mismanagement lead restaurant chain to bankruptcy

The restaurant business is a difficult one for small, local establishments as well as large, international chains. It is not uncommon for a Rockville resident to see a new restaurant pop up, only a year later to see its doors closed and a new occupant moving into the former entity's space. One large and popular fast-casual restaurant chain recently had to file for bankruptcy in order to attempt to avoid such a fate for its many stores.

Business avoids liquidation with Chapter 11 bankruptcy

A generation ago, young people flocked to malls to purchase clothing and other goods. Now, through websites like Amazon, New Yorkers are able to buy what they want from the convenience of their own homes. As a result of this shift in buying strategy, many brick and mortar stores have suffered financial losses.

Records to keep when filing for business bankruptcy

Preparing a New York business for bankruptcy proceedings can be an overwhelming task. Aside from the stress of deciding to engage with the process, a business owner must also tackle the difficult job of getting all of her entity's records in order. This blog post will touch on some of the types of documents and records a business owner should have available in the event the entity must enter bankruptcy, but it is not a comprehensive list. Readers are encouraged to discuss their businesses' needs with their bankruptcy attorneys.

Creditors seek to change format of business's bankruptcy case

When a business chooses to file for bankruptcy, it has some control over the format it may use. While some New York entities may prefer to use bankruptcy as a way to shut their doors through the Chapter 7 process, others may prefer to use Chapter 11 to reorganize and remain active businesses. However, despite a business's initial choice for the format of bankruptcy it wants to use to get itself out of financial stress, it may have to change paths if its creditors are able to petition for a conversion.

Casino group struggles to restructure under Chapter 11 bankruptcy

When a New York business enters the Chapter 11 bankruptcy process, it is afforded a number of protections. One of those protections prevents the business's creditors from initiating litigation against it for the collection of the balances owed to the creditors. In essence, bankruptcy puts a hold on any actions against a business while it works out a way to restructure and become financially viable for its continued operation.

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