Bankruptcy

Expert Analysis

• Illinois Courts May Increasingly Embrace Equity Receiverships

  

  While equity receivers are historically rare in Illinois, courts might be persuaded to see them as an integral part of the solution in loan enforcement lawsuits stemming from the COVID-19 crisis, say attorneys at Dykema.

• How 'Mothballed' Ch. 11 Cases Will Affect Vendors, Landlords

  

  Rather than rushing to shorten their time in bankruptcy, some businesses filing for Chapter 11 protection due to the effects of COVID-19 have sought to pause their cases, resulting in unprecedented freezes of standard administrative payments to landlords and vendors, say attorneys at WilmerHale.

• Tenn. Hospital Bankruptcy May Be The First Of Many

  

  As the already-embattled health care industry struggles to confront the coronavirus pandemic, Tennessee hospital chain Quorum Health's recent bankruptcy could indicate that significant structural change is coming to the industry as a whole, say attorneys at Rivkin Radler.

• Opinion

  New Jersey's Plan For 2020 Law Grads Is Brilliant

  

  The New Jersey Supreme Court's much-needed order allowing this year's law school graduates to practice prior to being admitted should be adopted in New York — and developed further even after the pandemic ceases, says attorney Dmitriy Shakhnevich.

• Managing E-Discovery Providers In Times Of Crisis

  

  Retention of e-discovery providers usually involves considerable time and several layers of approval, but practicalities during the current emergency have proven that law firms must have the acuity to make smart but quick game-time decisions, says Shannon Capone Kirk at Ropes & Gray.

• Witness Preparation Tips For Your Next Video Deposition

  

  Just like in a normal deposition, remind your witness that testimony provided via videoconference may be used in a courtroom, so they must be mindful of everything they say or don’t say, the space they are in, and their attire, say Adam Bloomberg and Merrie Jo Pitera at Litigation Insights.

• How To Mollify Auditor Doubts Over A Co.'s Viability

  

  Proactive liability management and strategy considerations can help convince auditors that an entity can continue as a going concern amid the COVID-19 pandemic, as companies battle resulting economic and liquidity issues, says Adele Hogan at Nelson Mullins.

• Rebuttal

  In Defense Of Virtual Mediation

  

  A recent Law360 guest article highlighted reluctance among some in the legal community to embrace video mediation, but when assessing the concerns, it quickly becomes clear that the disinclination is not rooted in any firm rationale, says Michael Willemin at Wigdor.

• A Call To Action For The Coming Insurance Litigation Siege

  

  Anticipating an onslaught of insurance litigation over coronavirus business interruption claims, G. Andrew Lundberg at Burford Capital paints a picture of what cooperation could look like among lawyers, courts, legislatures, regulators, insurers and policyholders dealing with this once-in-a-generation stress on the nation's judicial resources.

• How A Small Law Firm Adapts To Remote Work

  

  Stay-at-home orders mean small firms like mine — six lawyers and 14 staff members — suddenly need to make rapid changes, but the initial shock has turned into excitement about this opportunity to improve old processes, says David Kwartler at Kwartler Manus.

• Opinion

  Don't Just Delay The Bar Exam — Cancel It Forever

  

  The bar exam tells us nothing about whether a law student will be a competent lawyer, and now that exams have been delayed due to COVID-19, it's a good time to reevaluate why we have it in the first place, says Brian Tannebaum at Bast Amron.

• 8th Circ. Ruling Highlights Benefits Of Out-Of-Court Workouts

  

  Out-of-court restructuring can be favorable to both distressed companies and creditors, and the Eighth Circuit bankruptcy appellate panel's recent decision in the case of Gas-Mart reassures parties that such workouts would be protected from 20/20 hindsight litigation, says attorney Richard Corbi.

• Don't Forget Firm Culture When Adapting To Remote Work

  

  While law firms suddenly pivoting to remote work due to coronavirus restrictions are busy dealing with logistical challenges, an equally pressing and perhaps more difficult task may be adjusting a long-standing brick-and-mortar culture to working remotely for the first time, say Heather Clauson Haughian and Grant Walsh at Culhane Meadows.

• Pandemic May Spur Better Protection For Auto Supply Chains

  

  In response to COVID-19's impact on the automotive market and supply chain, suppliers should quickly develop and implement risk management strategies focusing on business continuity, but may also need to rethink the entire supply chain model, from sourcing of raw materials to production of finished products, say attorneys at Squire Patton.

• Lenders Must Prepare For Real Estate Bankruptcy Cramdowns

  

  Due to the disruption COVID-19 is causing in real estate markets, lenders face the risk of borrowers filing for commercial real estate reorganization despite the objections of a dissenting class, but lenders have opportunities to block such actions, say Steve Lichtenfeld and Jeff Marwil at Proskauer.