Business Insolvency, Restructuring and Workouts
Peterson Conners LLP‘s attorneys assist clients with business insolvency, restructuring and workouts for companies and business owners throughout Greater Ohio. We understand the impact these issues can have on your bottom line, and how important it is to get them right the first time.
Fighting For Business Owners
Our attorneys understand the impact that a bad legal experience can have on a company. That’s why we diligently work to make sure your experience is as smooth as possible. Here are a few of the areas we can assist in:
Business insolvency is when a company or a person is either unable to pay the financial obligations or the value of the total debts exceed the value of the assets. Insolvency has implications for the business, its creditors and directors of the business. Our attorneys can advise companies as to the alternatives available to them as they navigate insolvency issues.
Business restructuring is when a company makes significant changes to its financial or operational structure, typically while under financial duress. Companies may also restructure when preparing for a sale, buyout, merger, change in overall goals, or transfer of ownership. It is important to get advice from knowledgeable legal counsel who can guide businesses as to how best restructure their business to have a greater chance for a financial turnaround and future success.
A workout is a contract mutually agreed to between a lender and borrower to renegotiate the terms of a loan that is in default, such as a mortgage that is in arrears. A workout agreement is only possible if it serves the interests of both the borrower and the lender. It should be considered along with other insolvency and restructuring options.
A company doing business with a customer having financial problems or in bankruptcy should consult legal counsel for advice to protect the company against having payments it receives from a financially troubled company be required to be repaid. Our attorneys help companies set up credit systems and pledges of collateral to protect against customers who default in payment.
Let’s Get Started
At Peterson Conners LLP, our attorneys help companies throughout all of these formation and insolvency issues with experience and dedication. Call us today at 614-365-7000 or send an email to see how we can help your business.