Articles from Shenwick & Associates

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INSIGHT: Retailers Considering Bankruptcy Should Look to CARES Act, Court Rulings

Submitted by Anonymous (not verified) on Thu, 06/25/2020 - 04:39

June 17, 2020
bloomberglaw.com

Retailers hit by the economic downturn are considering bankruptcy protections. Perkins Coie LLP attorneys say the CARES Act offers small businesses access to the streamlined Subchapter 5 process and recent rulings from bankruptcy courts provide cash flow relief for certain retailers operating under Chapter 11 through deferral of rent obligations, at least for now.

A Moratorium on Evictions Ends, Leaving Thousands of Tenants Fearful New York Times June 22, 2020

Submitted by Anonymous (not verified) on Tue, 06/23/2020 - 18:30

A Moratorium on Evictions Ends, Leaving Thousands of Tenants Fearful
Eviction cases are expected to soar in New York City as housing courts reopen and landlords seek to recoup income lost during the pandemic.

A moratorium on evictions that New York State imposed during the coronavirus pandemic expired over the weekend, raising fears that tens of thousands of residents struggling in the worst economic collapse since the Great Depression will be called into housing courts, which reopened on Monday.

Commercial leases in

Submitted by Anonymous (not verified) on Mon, 06/22/2020 - 05:33

Commercial leases in New York City, COVID-19 and Recent ProtestsAs a result of COVID-19, recent protests and the advent of technologies such as Zoom and Google Meet, many tenants have excess office space/s that they cannot or do not want to continue to rent  and would   like to terminate their lease or stop paying rent.At Shenwick & Associates, we have received many calls from clients with these issues and we have developed a strategy to address them.First, we review the company's financial information including a recent balance sheet, income statement,  the commercial lease and

A Tidal Wave of Bankruptcies Is Coming New York Times June 19, 2020

Submitted by Anonymous (not verified) on Fri, 06/19/2020 - 17:55

A Tidal Wave of Bankruptcies Is Coming
Experts foresee so many filings in the coming months that the courts could struggle to salvage the businesses that are worth saving.

Already, companies large and small are succumbing to the effects of the coronavirus. They include household names like Hertz and J. Crew and comparatively anonymous energy companies like Diamond Offshore Drilling and Whiting Petroleum.

And the wave of bankruptcies is going to get bigger.

Subchapter V (New Bankruptcy law subchapter) and Who May be a Debtor?

Submitted by Anonymous (not verified) on Wed, 06/10/2020 - 18:26

Subchapter V (New Bankruptcy law subchapter) and Who May be a Debtor?

In re Charles Christopher Wright, Case No. 20-01035-HB (Bankr. D.S.C. April 27, 2020), the Bankruptcy Court in South Carolina addressed the issue of who may be a “debtor” under new bankruptcy law Subchapter V (the new fast track bankruptcy chapter for small businesses).

The issue before the Court was whether business debt without an ongoing business was sufficient to meet the requirement of engaging in commercial or business activities under Subchapter V of the Bankruptcy Code.

Chapter 11 bankruptcy numbers higher than 2019 due to coronavirus - CBS News

Submitted by Anonymous (not verified) on Wed, 06/10/2020 - 17:34

Bracing for the next phase of the coronavirus recession: BankruptciesJune 9, 2020

Art Van Furniture, Bar Louie and True Religion all sell different products, but they all have one thing in common: Each has gone bankrupt this year, as the coronavirus-induced recession that started in February flattens businesses large and small.

Help cabbies steer through this crisis - New York Daily News

Submitted by Anonymous (not verified) on Thu, 06/04/2020 - 13:17

June 3, 2020

The collapse of the New York City taxi medallion market will be remembered as one of the greatest government failures in Gotham’s history. The bankruptcies and foreclosures, the suffering and the suicides were not the consequences of market forces beyond the city’s control. Instead, this enduring crisis is the product of a deregulated, overpriced, over-leveraged market that the city not only failed to regulate, but also helped create through auctions, advertising and approvals of predatory transactions.

Bankruptcy may be a last resort: Here’s what to do first Houston Chronicle May 25, 2020

Submitted by Anonymous (not verified) on Tue, 05/26/2020 - 19:07

Miriam Goott, a bankruptcy attorney at Walker & Patterson at her home in Houston, Friday, May 8, 2020.Photo: Karen Warren, Houston Chronicle / Staff photographer
Houston attorney Miriam Goott, who represents small businesses in their bankruptcies, likes telling potential clients: “I hope to never see you again.” That’s because she’s worked out a deal with their creditors or helped them solve a problem that avoided bankruptcy altogether.

Gallery Sues Landlord, Claiming Covid-19 Shutdown Voids Lease New York Times May 24, 2020

Submitted by Anonymous (not verified) on Tue, 05/26/2020 - 16:02

Gallery Sues Landlord, Claiming Covid-19 Shutdown Voids Lease
The lawsuit contends that since the Venus Over Manhattan gallery is closed by government orders during the pandemic, the lease should be terminated.

In early March, the Venus Over Manhattan gallery on the Upper East Side mounted an exhibition of paintings, drawings and wall reliefs by the artist Roy De Forest, the biggest presentation of his work in New York City since 1975.

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