Insolvency Law and Bankruptcy Planning

For over four decades, Steve Richmond has represented financial institutions and businesses with financial difficulty. He has appeared in the Bankruptcy Courts in all of the New England states and has participated actively in New York and California cases involving national and international businesses. A long time Chairman of the New England College of Finance and lecturer to thousands of bankers on the subject of loan restructuring and loan documentation, Steve has developed an insight into the special concerns of each of the constituencies that impact a troubled business. Working with accountants from firms, both large and small, throughout the region, Steve has developed the capability of both understanding the business, as well as the legal rights and defenses which exist when a business is in trouble.

While no stranger to the Bankruptcy Court, in recent years, our practice has been largely focused on out-of-court alternatives to formal Bankruptcy proceedings. These can be lengthy, costly and often lead to unnecessary and avoidable risks to owners and managers. In developing the appropriate strategy, we rely heavily on our "knowledge bank" of experience enabling our firm to understand fully the economics of a troubled business. We pride ourselves on being especially sensitive to a business culture and having an ability in developing a successful strategy for understanding and communicating the economics of a troubled business. It is with these unique tools that we work with our clients and their advisors.

Representative Matters:
Successful liquidation of large chain of plumbing supply houses via an assignment for the benefit of creditors.

Successful representation of mechanical contracting company in negotiations with secured creditors and subsequent article 9 sale of assets. Subsequent representation of purchaser of assets and client's former principals in dispute with client’s surety over propriety of sale of client's assets, including certain accounts receivables.

Liquidation of privately held condominium and land Development Company via an Assignment for the Benefit of Creditors. Negotiations with clients secured and unsecured creditors.

Counseling and representation of family owned footwear manufacturer in negotiations with secured creditors and concerning prebankruptcy and insolvency planning.

Representation of Committee of Unsecured Creditors of large international computer manufacturer in complex international insolvency proceedings pending in Nassau Bahamas and in the United States District Court for the District of New York.