Ep 8 Immediate Changes (Guest Chris Bailey)


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**Caution** Seek professional legal advice before deciding if bankruptcy protection is what your company needs.
Welcome to Corporate Bankruptcy A to Z, a show designed to educate you on the ins and outs and the dos and don'ts of corporate bankruptcy. On this show, you will hear experts from every step of the bankruptcy process answer the questions that you will need to know, from the simple to the complex.
Email your questions for the experts to neil@elementarybusiness.com and to sravin@saul.com Their door is always open and they will respond.
Find more at corporatebankruptcyatoz.com

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 Chris.Bailey@hklaw.com.

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 neil@elementarybusiness.com 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 sravin@saul.com

Do you have any concerns about the bankruptcy process and how it will impact your business? Why not ask the experts? Feel free to reach out to Neil or Steve with your questions and you may even hear them answered in the mail bag. Be sure you subscribe the podcast and please consider leaving a 5 star review. New episodes air, every other Tuesday.

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