Pre-bankruptcy Planning Tasks Time
Whether considering a chapter 11 or any other chapter of bankruptcy, your decision needs to be based on counsel from experienced bankruptcy counsel, not your accountant or financial advisor. The Fox Law does not recommend bankruptcy unless it is the best solution.
Your business and its officers will need time to carefully plan for the bankruptcy case and time will be needed to develop strategies for the case. Pre-bankruptcy planning takes time; the business’ financial condition and ability to reorganize and fix the problems it has must be determined. The steps to make to take to reorganize need to be planned out; pending contracts, lawsuits and a myriad of other issues must be considered to file a strong chapter 11 reorganization. Fox Law has knowledge to help you explore your options.
We are skilled negotiators. We think creatively to develop solutions and possibilities. Because of your experience and skill, business owners usually find that their stress levels are reduced; they can focus on the business reorganization. We listen carefully and we look for opportunities for our clients to do well.
Debtor’s Counsel Vignette: COVID Stories
When the COVID 19 pandemic hit in early 2020, most chapter 11 attorneys had no real solutions for their clients except to liquidate their companies. The Fox Law Corporation had solutions for its clients to stay in business.
At Steven Fox’s suggestion, one client in chapter 11, a 14-acre metal recycling facility, immediately added trash hauling work to its business clients. The business survived and thrived.
Another client that did residential plumbing work had a real problem: people would not let plumbers into their homes. Fox suggested that the company switch to commercial plumbing to utilize the septic licenses. Within a couple of months, the company was referring out its residential plumbing work (in exchange for referrals back). It was heavily into septic work with an existing pump truck and a second truck it purchased; and, its gross and net revenues during the pandemic were higher than they were before.
Fox Law guided a third company, doing single-family construction with a side division of residential painting work, into commercial painting work and national chain stores. This company’s gross and net revenues doubled and tripled despite COVID 19.
Probably the hardest reorganization for Fox Law was a wholesale bakery manufacturer that lost most of its customers when the COVID 19 pandemic hit. With hotels and restaurants shut down, the bakery manufacturer lost major accounts. The national food distributors stopped most of their orders. Plus, the Debtor lost its lease during the pandemic and had to move to a new location. There were difficult months. Fox Law worked with the owners to help them obtain new accounts and customers, reduce expenses, and move a facility during a pandemic. The bankruptcy court confirmed its plan of reorganization.
Steven R. Fox has over three decades of reorganization experience.
The Fox Law Corporation is a small bankruptcy firm with a depth of cases and information.
The Fox Law Corporation, Inc.
Bankruptcy & Related Matters
17835 Ventura Blvd., Suite 306
Encino, CA 91316
(818) 774-3545 ph. (818) 774-3707 fx.