Bankruptcy Bootcamp in Anticipation of an Upcoming Insolvency Wave

Recorded On: 04/30/2020

This on-demand webinar is available for 14 days after purchase and you may watch the on-demand webinar as many times as you like.

As the United States and the rest of the world are confronting the COVID-19 pandemic, most industries are reeling from the disruption the pandemic has been causing. A huge bankruptcy wave is on the horizon. It is more important than ever for trade creditors to prepare themselves for this onslaught. This webinar featuring two of NACM’s favorites, will enable trade creditors to be pro-active  when their financially distressed customers file for bankruptcy protection. The speakers will delve into the first-day papers filed in bankruptcy cases, the difference between Chapter 11 and the other chapters, the risks of joining an involuntary bankruptcy petition, the risk of doing business with a Chapter 11 debtor that has not yet obtained the approval for financing or the use of cash collateral,  the impact of the automatic stay that arises when bankruptcy is filed and critical vendor protection. The speakers will then cover trade creditors’ administrative priority claims under Bankruptcy Code Section 503(b)(9) for the value of their goods received by the debtor within 20 days of bankruptcy, the difference between these claims and reclamation rights, the rights of creditors that are parties to "executory contracts," such as supply and service agreements and purchase orders, and the steps creditors should take to protect these rights after their customer files bankruptcy. A summary of the new Small Business Bankruptcy Reform Act, as recently amended by the CARES Act stimulus legislation, will also be presented.

About the Speaker

Wanda Borges, Esq. and Bruce Nathan, Esq.

Wanda Borges, the principal member of Borges & Associates, LLC., has been specializing in commercial insolvency practice and commercial litigation representing corporate clients throughout the United States for more than 35 years. Her membership in professional organizations includes the American Bar Association, American Bankruptcy Institute, the Commercial Law League of America and The International Association of Commercial Collectors. As a member of the Commercial Law League of America, she is a Past President of the League, is a Past Chair of its Bankruptcy Section and currently serves on its Executive Council. She served for six years on the Executive Council of the Eastern Region of the CLLA. Her service on the Board of Governors of the CLLA includes service as the Bankruptcy Section Representative to the Board of Governors, an Attorney Member of the Board of Governors, the President-Elect of the CLLA and ultimately the President of the CLLA. She served as the Chair of the CLLA Creditors’ Rights Section and is its Immediate Past Chair. She currently serves on the Board of Directors of the IACC and Chairs the Legislative Committee and the Governing Documents Review Task Force of the IACC.

Wanda is a regular lecturer for the National Association of Credit Management (NACM) and its various affiliates. She has prepared and continues to update courses on various topics which have been presented at past NACM Annual Credit Congresses and trade credit association meetings. Even prior to the passage of the “Red Flags Rule,” she worked with the NACM and the FTC to determine the applicability of the Rule to business creditors. Wanda has prepared and presents seminars on Red Flags compliance issues for the NACM, its various affiliates, corporations, collection agencies and various other organizations.  She is a faculty member for the NACM's Graduate School of Credit and Financial Management. Wanda has been a faculty member for the National Institute on Credit Management, a program jointly sponsored by the Commercial Law League of America and the National Association of Credit Management.

Bruce Nathan is a partner in Lowenstein Sandler’s Bankruptcy, Financial Reorganization & Creditors' Rights Department. He has more than 35 years' experience in the bankruptcy and insolvency field, and is a recognized national expert on trade creditor rights and the representation of trade creditors in bankruptcy and other legal matters. Bruce has represented trade and other unsecured creditors, unsecured creditors' committees, secured creditors and other interested parties in many of the larger Chapter 11 cases that have been filed. Bruce also handles letters of credit, guarantees, security, consignment, bailment, tolling and other agreements for the credit departments of institutional clients.

Bruce is a frequent presenter at industry conferences throughout the country, as well as a prolific author regarding bankruptcy and creditors’ rights topics in various legal and trade publications, including NACM’s Business Credit magazine.

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Bankruptcy Bootcamp in Anticipation of an Upcoming Insolvency Wave
Open to view video.
Open to view video. This on-demand webinar is available for 14 days after purchase and you may watch the on-demand webinar as many times as you like. As the United States and the rest of the world are confronting the COVID-19 pandemic, most industries are reeling from the disruption the pandemic has been causing. A huge bankruptcy wave is on the horizon. It is more important than ever for trade creditors to prepare themselves for this onslaught. This webinar featuring two of NACM’s favorites, will enable trade creditors to be pro-active when their financially distressed customers file for bankruptcy protection. The speakers will delve into the first-day papers filed in bankruptcy cases, the difference between Chapter 11 and the other chapters, the risks of joining an involuntary bankruptcy petition, the risk of doing business with a Chapter 11 debtor that has not yet obtained the approval for financing or the use of cash collateral, the impact of the automatic stay that arises when bankruptcy is filed and critical vendor protection. The speakers will then cover trade creditors’ administrative priority claims under Bankruptcy Code Section 503(b)(9) for the value of their goods received by the debtor within 20 days of bankruptcy, the difference between these claims and reclamation rights, the rights of creditors that are parties to "executory contracts," such as supply and service agreements and purchase orders, and the steps creditors should take to protect these rights after their customer files bankruptcy. A summary of the new Small Business Bankruptcy Reform Act, as recently amended by the CARES Act stimulus legislation, will also be presented.