Whenever a business is in the midst of a major legal move, tensions will be running high. The people involved are going to strategize and contemplate the best moves for them, and other parties involved in (or with) the company are going to be very interested in what ultimately happens.
Now, make this “major legal move” a bankruptcy and there are bound to be some heads turning and some business partners wondering what the next steps are.
This should not discourage a company from filing for Chapter 11 bankruptcy. As we have written about before, bankruptcy can actually have tremendous benefits for a company. Restructuring the company or reorganizing the financial picture of the company can go a long way toward making the business function properly again.
But when bankruptcy is declared, it is not surprising when multiple parties come into conflict with each other. Everyone wants to know what happens next, and everyone is looking out for their own interests. People and other companies want to know how a company’s bankruptcy filing will affect them.
This is why it is critical to get an experienced attorney involved when conflicts arise between individuals, companies and partners (in any combination) as a result of a bankruptcy.
At Rich Michaelson Magaliff Moser, our law firm has a streamlined business model that allows us to be responsive to every concern you have while also having an adept knowledge of legal action relating to business bankruptcy and conflicts.