Ep 8 Immediate Changes (Guest Chris Bailey)

Corporate Bankruptcy A to Z

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Episode 8 – Chris Bailey

06:55 – The paperwork is filed, what happens next.
07:41 – First day motions allowing the company to continue in business
09:50 – Does the company operate normally? section 363
11:06 – The company becomes the custodian for the creditors
11:45 – Creditor’s committee
12:51 – Applying for cash collateral.
16:59 – What happens to employees and the pay owed when the company filed
18:15 – What happens to contractor’s compensation
19:06 – Unpaid commissions, bonuses for employees.
20:28 – Budget to be submitted to the court
22:53– First contact with the court
24:10 – Essential creditors – what makes a creditor essential
25:17 – Can a company change after filing for bankruptcy
26:50 – What happens to owners compensation
28:34 – Treatment of family members
29:50 – Monthly Operating Reports (MOR)
31:08 – Closing thoughts

Christopher A. Bailey focuses his practice on bankruptcy and restructuring. He represents both debtors and creditors in complex corporate reorganizations and bankruptcy litigation throughout the United States. Mr. Bailey's experience includes representing financially distressed entities across various industries, including healthcare, real estate, and energy. You can reach him at 214-969-1784 or email [e-mail].

Host Information:

Neil Goldstein (AKA the Workout Guy) is the founder of Elementary Business inc. a specialized consulting firm for distressed businesses and entities in transition. Mr. Goldstein works closely with owners to structure improvements in both operations and finances. With many successes in his portfolio, Mr. Goldstein focuses on the needs of the owner to achieve results in profitability, sale of the company or finding a partner for growth.

Neil's book is available on Amazon.com
Call 940-808-9451 or Email [e-mail] or visit ElementaryBusiness.com

Stephen B. Ravin is a highly seasoned insolvency and bankruptcy attorney, with more than 40 years experience. He has served as a trustee and has represented trustees, individual and corporate debtors, creditors, creditors’ committees, assignees for the benefit of creditors and receivers.

Call 973-286-6714. Or email him [e-mail]

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