Creditors’ Rights, Receivership, and Insolvency Law

At Salter McGowan Sylvia & Leonard, our team has extensive experience in all types of bankruptcy, receivership, and other insolvency and creditors’ rights matters. We have provided representation, both regionally and nationally, for banks, credit unions and other institutional lenders in a broad range of bankruptcy issues, foreclosures, federal compliance litigation, and disputes and appeals. We were also successful in jointly handling a noteworthy bankruptcy appeal before the United States Supreme Court.

Our creditors’ rights, receivership, and insolvency law services include:

  • Representing secured creditors, select debtors and purchasers in individual and business bankruptcy and receivership cases, and in workouts, restructurings, dissolution of family and other closely held businesses, and foreclosures and related matters.
  • Assisting banks, credit unions and others in commercial and consumer bankruptcy and other insolvency disputes and litigation.
  • Prosecution and defense of insolvency-type suits and other actions, including fraudulent transfer, leveraged buy-out litigation, preference, and other avoidance-type litigation, claims disputes, subordination actions, asset acquisition disputes, contested plan confirmations, cram-down and valuation issues and appeals arising out of such proceedings.

Additionally, we have served many years as court-appointed trustees, receivers, mediators, and special masters in business reorganizations and dissolutions, including several noteworthy cases, in federal and state insolvency matters.

Our attorneys will understand your needs and concerns and work collaboratively with you to determine the best course to follow. You are part of our team, and we are always working with you, and for you.


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Frequently Asked Questions

A Chapter 11 bankruptcy is intended primarily for the reorganization of businesses with heavy debt burdens. While Chapter 11 is generally associated with corporations, it is available to small businesses as well; however, this is less common because of the cost and expense of a Chapter 11 case. In a Chapter 11, the debtor proposes a plan of reorganization, which sets forth how the debtor plans on repaying its creditors. The ultimate goal of a Chapter 11 is to continue to operate, restructure existing debt and to move forward.
Bankruptcy and Receivership proceedings differ significantly in that a bankruptcy proceeding is overseen by the United States Bankruptcy Court, a federal court, while a receivership is exclusively a state court proceeding. A bankruptcy proceeding is governed and controlled by a specific set of rules (the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure), while receiverships are more flexible, governed by state law, with fewer rules and requirements.
Upon being notified of a borrower filing bankruptcy, a lender should take certain steps to ensure that it does not violate the automatic stay and/or discharge injunction. Some internal steps include: (i) coding the account with a bankruptcy notation, (ii) suspending all notices and demands being sent to the borrower, (iii) analyze the account and send to a bankruptcy specialist and (iv) in a Chapter 13 case, establish a Chapter 13 payment tracking system so that payments are being applied properly.

Contact

Our office is located in beautiful Downtown Providence with easy access to the Financial District and courts, with ample parking within walking distance.
Salter McGowan Sylvia & Leonard, Inc.

The Heritage Building
321 South Main Street
Suite 301
Providence, RI 02903

Phone: 401.274.0300
Fax: 401.453.0073