Has the Coronavirus Changed Bankruptcy in the US and Canada?
With so many businesses shuttered and federal financial relief delayed, employees, tenants, landlords and lenders are trying to work things out and survive until business gets back to usual. But for some, federal relief may come too late and negotiations may not work out as well as we all hope.
As part of your arsenal of negotiation and survival tactics it is important to be aware of your rights to seek bankruptcy relief either as a landlord or tenant. Both an edited and enhanced video version is provided as well as an audio only version.
Let me be clear. We are not recommending or encouraging anyone to file for bankruptcy protection.But it is good to know what your Plan B might be if things don’t go as planned. Atlas has shrugged and it is hard to know for certain what is going to happen and how well your plans will go. That’s why my panelists and I are going to educate and inform you on your bankruptcy options. Time stamps for the video are provided below.
The following are the time stamps (Times are approximate):
4:56: WHEN AND WHY YOU SHOULD BE THINKING ABOUT BANKRUPTCY
11:28: CANADIAN BANKRUPTCY PERSPECTIVE IF PARTIES CANNOT NEGOTIATE A DEAL
13:06: APPLYING SECURITY DEPOSIT TO PAST DUE RENTS AND REQUESTING TENANT TO REPLENISH SECURITY DEPOSIT. SEE ALSO 1:05:40
13:37: APPLYING LETTERS OF CREDIT DURING EVICTION MORATORIUMS 16:10: CARES ACT & COVID-19 CHANGES TO THE BANKRUPTCY CODE & CANADIAN EQUIVALENTS
30:45: DO COMPANIES COME OUT OF BANKRUPTCY?
TENANT PERSPECTIVE
33:00: US BANKRUPTCY CHAPTERS
34:40: CANADIAN BANKRUPTCY LAW
37:49:TENANT RETENTION OF POSSESSION OF PREMISES IN CHAPTER 7
39:20: DIFFERENCE BETWEEN CHAPTER 11, SUBCHAPTER 5 AND A CHAPTER 13
41:05: DISTINCTION BETWEEN SECURED OR UNSECURED CREDITOR LANDLORD STRATEGIES TO SECURE JUDGMENT FOR COLLECTION PURPOSES JUDGMENT LIENS AND PERFECTION
52.27: LANDLORD ISSUES IN THE EVENT OF A TENANT BANKRUPTCY
53:05: ASSUMPTION OF LEASES SPECIAL RETAIL CONSIDERATIONS CANADIAN PROVISION
58:35: LEASE REJECTION AND CORRESPONDING DAMAGES
1:07:34: AUTOMATIC STAY RELIEF FROM THE AUTOMATIC STAY HOW DO RENT MORATORIUMS AFFECT TENANT’S OBLIGATIONS TO PAY ADMINISTRATIVE RENT
1:12:45: IN REM RELIEF FOR REPEATED OR BAD FAITH BANKRUPTCIES
1:15:50: TENANT’S PERSPECTIVE OF A LANDLORD’S BANKRUPTCY RETAIL BANKRUPTCY AND HOW IT MAY DIFFER FROM OTHER BANKRUPTCIES.
My Panelists are: Sara Chenetz,Esq, a bankruptcy lawyer and partner in the US national law firm of Perkins Coie. for more information on Sara Richard Golubow, Esq. a bankruptcy lawyer and partner in the California law firm of Winthrop Golubow Hollander. For more information on Richard Catherine Francis, Esq., a Canadian bankruptcy lawyer and partner in the Canadian law firm of Minden Gross, LLP. for more information on Catherine