These are tumultuous times, and suppliers face increased risks and uncertainties. When a customer becomes insolvent, the supplier may not be paid.
However, suppliers do have tools and strategies available to enhance their prospects for getting payments from insolvent customers if any customers file for bankruptcy. Getting maximum benefit from the available remedies requires careful planning, consultation with experienced counsel and prompt action.
About the Authors: Rick Bendix and Sheryl Toby are both attorneys and co-chairs of Dykema's Bankruptcy & Restructuring practice. Dykema serves a wide spectrum of national and multinational corporate clients and offers a wide variety of legal services. More information can be found at www.dykema.com.