Genova Burns' Newly Expanded Bankruptcy Practice Group Secures Subchapter V Plan for Client
March 18, 2021
Partner Daniel M. Stolz and Counsel Donald W. Clarke, of the firm’s Bankruptcy, Reorganization & Creditors’ Rights Practice, successfully confirmed a Plan under the new Subchapter V provisions of United States Bankruptcy Code for small business debtors in their representation of a firm client who is a chapter 11 debtor.
Firm client No Ifs Montclair, LLC d/b/a Montclair Social Club, fell victim to circumstances faced by many in the restaurant industry brought on by the COVID-19 pandemic. The Plan crafted by Mr. Stolz and Mr. Clarke settled disputes with the debtor’s largest creditor, its landlord, and secured payment in full for all vendors. Their case is filed in the United States Bankruptcy Court for the District of New Jersey.
As soon as you recognize that you are facing any degree of financial insecurity, it is imperative that you reach out and partner with professionals such as Genova Burns, in order to minimize the impact insolvency proceedings could have on you or your business. We will work with you to achieve practical, real-world and cost-conscious outcomes, with a best scenario goal to avoid such proceeds altogether.