Distressed Asset Sales
Sales of business assets can be structured through a chapter 11 case where the debtor typically controls the reorganization or liquidation process under the supervision of the bankruptcy court on notice to creditors and parties in interest.
Asset sales accomplished through a chapter 7 liquidation are typically managed by the chapter 7 trustee or secured creditors. In either case, there are often opportunities for interested third-parties or creditors to purchase distressed assets without liens or encumbrances, although the terms of sale need to be carefully considered.
Secured party sales, on the other hand, involve the secured creditor’s exercise of its right to foreclose its collateral by public or private sale under the Uniform Commercial Code and other applicable law. While secured party sales are commonly used to liquidate failed businesses, they may also enable both creditor and debtor to quickly and inexpensively facilitate a financial restructuring where the company’s business assets are sold as a going concern, free and clear of liens and judgments.
Our attorney’s are thoroughly familiar with asset sales and receiverships and can help you understand your options. Weltman & Moskowitz, LLP primarily represents individuals and businesses located in New York and New Jersey but, regardless or your location, feel free to use our online contact form or call us at (212) 684-7800 or (201) 794-7500 to discuss your situation.
For further information on this topic or to discuss your case, please contact Richard E. Weltman or Michael L. Moskowitz by telephone, fax or email.
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