Shutting Down a Business: Minimizing Personal Liability and Steps to Take Outside of Bankruptcy
Recording of a 90-minute CLE video webinar with Q&A
This CLE course will address the legal means of closing a business while minimizing personal risk. The expert panel will guide corporate counsel on the best approaches to personal guaranties and dealing with other creditors for businesses unable to reopen their doors. Companies must consider the employee-related claims which account for the vast majority of cases where creditors of a business assert claims against the owners for personal liability and determine any additional sources of recovery that are not obvious.
Outline
- Reasons to wind down a business
- Attempts to limit personal liability
- Guaranties
- Sources of recovery
- When to consider bankruptcy
Benefits
The panel will review these and other key issues:
- What steps should a small business owner take to minimize personal liability when shutting down a business?
- How should business owners handle employee-related debt, including wages, benefits, payroll taxes, and vacation pay?
- Where can a business seek sources of recovery to pay outstanding debt during a wind down?
- When should a business or its owners consider bankruptcy?
Faculty
Cleveland G. (Cleve) Clinton
Partner
Gray Reed
With a client list full of families navigating business and generational transitions, Fortune 500 companies and... | Read More
With a client list full of families navigating business and generational transitions, Fortune 500 companies and risk-taking mavericks who won’t take “no” for an answer, Mr. Clinton knows what it takes to develop creative solutions when big ideas result in big problems. Whether he’s serving as lead counsel in one of the growing number of fiduciary litigation claims within family businesses, advising a family in transition, or helping a developer sidestep a legal and public relations disaster in a new residential community, Mr. Clinton’s focus is always the same – understand and achieve the client’s goals, either in or out of the courtroom. His clients span nearly every industry, including beverage distribution, real estate, manufacturing, telecommunications and transportation.
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Michael P. O'Neil
Partner
Taft Stettinius & Hollister
With a focus on areas such as mergers and acquisitions, debt refinancing and restructuring, and business workouts and... | Read More
With a focus on areas such as mergers and acquisitions, debt refinancing and restructuring, and business workouts and turnarounds, Mr. O'Neil helps business owners, lenders and other stakeholders when companies are in transition. He represents both healthy and distressed companies in connection with sales, refinancings and liquidations, as well as in chapter 11 section 363 asset sales and “true reorganization” bankruptcy cases where judicial remedies are needed. Mr. O'Neil is known to many as a trusted advisor during difficult times. He serves as the chair of the Distressed Company Task Force that was created to assist borrower clients in every way, including in discussions with their lenders and in addressing concerns over suppliers and stakeholders.
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