Steven A Roach, (left) a senior principal at Miller Canfield, has focused
his practice on creditors’ rights. He primarily represents lenders in
restructurings, wind downs, litigation, and enforcement actions, and has
assisted lenders for over 25 years regarding loans to contractors. He is an
avid cyclist who serves on the boards of the League of Michigan Bicyclists
and the Tour de Troit. Roach can be reached at firstname.lastname@example.org.
Lawrence M. Dudek (center) is a senior principal at Miller Canfield
and has over 35 years of experience in commercial real estate
and bankruptcy litigation, including foreclosure, receivership,
construction claims (defects, delays, impacts), secured loan
workouts, lender liability defense, and fraudulent conveyances and
transfers. Dudek can be reached at email@example.com.
Nelson O. Ropke, (right) a principal at Miller Canfield, represents
secured and unsecured creditors. His practice focuses on litigation
with a concentration in loan enforcement, construction, condominium
associations, and other real estate matters. He is an Oakland County
Bar Foundation Fellow and is licensed to practice in Michigan and
Nebraska. Ropke can be reached at firstname.lastname@example.org.
a receivership proceeding in
restructuring a general contractor.
Bankruptcy proceedings permit
recoveries under avoidance
actions that are not available in
a receivership. The continuation
of a general contractor is another
reason to consider a bankruptcy
proceeding because a receivership
generally results in the termination
of the entity. However, a receivership
is often used in cases in which
contracts will be completed.
If, from a business standpoint, none
of the jobs are worth completing,
a Chapter 7 liquidation proceeding
might provide a better way than an
out-of-court liquidation to collect
receivables, pay trust funds claimants,
sell hard assets free and clear of
liens, and provide a recovery with
a lower risk of disgorgement.
Whether the ultimate remedy is
receivership, bankruptcy, or an out-of-court workout, the issues involved
with trust funds, liens, bonds, and
completion costs provide many
opportunities for credit professionals
to provide auditing, forensic
services, and other analysis. J
April 22-24, 2015 | JW Marriott San Antonio Hill Country Resort & Spa
Hosted by the TMA Central Texas, Dallas/Ft. Worth, and Houston Chapters
The event features a golf tournament, two cocktail receptions, and great networking opportunities.
Presentations are focused on past, present, and future national economic issues and challenges; national
investment objectives and limitations; lessons learned from major financial institution failures; and more.
visit the TMA Events Calendar at turnaround.org to register and learn more.