Often, an insolvent corporation really does not need to file for bankruptcy protection.
The Tracy Law Group provides counseling and planning for insolvent corporations, assisting them in managing the efficient liquidation of their remaining assets and distributing the proceeds fairly to their creditors. In recent years, Chapter 7 has become a more favored option in some cases, because debt collection practices have become so aggressive that bankruptcy may be necessary. We help our clients evaluate the best way to shut down a failing business so as to minimize problems and salvage as much value as possible.
During the dot.com meltdown in the last decade, we acted as counsel to dozens of dot.com’s undergoing an out-of-court wind-down, as well as many other more traditional corporations. Through this process, we successfully shepherded the sale of assets, including the sale of intellectual property in appropriate circumstances. These transactions are rarely publicized, but we believe that our clients often receive the best possible outcome by avoiding the judicial process.