Business

Creditor receivership in Arizona

Creditor receivership in Arizona

In Arizona, a creditor can seek a receivership to “protect and preserve property or the rights of parties therein” usually in relation to an operating business that is having financial difficulties, where assets are being wasted, and/or where there are concerns regarding fraud. Ariz. Rev. Stat. Ann. § 12-1241.  A […]

By July 5, 2015 Business, Receivership
Determination of business insolvency

Determination of business insolvency

As a general rule, managers and directors of a financially troubled business should manage the business in good faith and work to maximize the business’s value for all of its constituents. In an effort to maximize the business’s value, managers and directors should closely review the financial condition of the […]

By November 5, 2014 Bankruptcy, Business, Reorganization
Pre-bankruptcy transfers can cause a business’s reorganization to fail

Pre-bankruptcy transfers can cause a business’s reorganization to fail

Where a business is acting as a debtor-in-possession (debtor) in a Chapter 11 bankruptcy case, to confirm a plan of reorganization, the debtor must provide a method for creditors to capture any value from the debtor’s pre-bankruptcy transfers that may be avoidable under the Bankruptcy Code. Val-Mid Associates, LLC’s Unsuccessful […]

Succeeding with a Chapter 11 business bankruptcy

Succeeding with a Chapter 11 business bankruptcy

  When a business is facing financial difficulties, rather than allowing the business to shutdown, business managers often determine that it is in the business’s best interest to seek protection with the Arizona Bankruptcy Court under Chapter 11 of the U.S. Bankruptcy Code.  A Chapter 11 business bankruptcy filing will […]

Letizia case: business vehicles at risk in owners’ Arizona bankruptcy filing

Letizia case: business vehicles at risk in owners’ Arizona bankruptcy filing

Under a recent Arizona bankruptcy decision, a business’s vehicles could be at risk in the business owner’s bankruptcy case. Letizia Case On January 14, 2014, Judge Haines held in the Letizia case that debtors in a bankruptcy case, who had conducted business as sole proprietors, could not use Arizona’s personal […]

By August 17, 2014 Bankruptcy, Business, Exemptions