Business Bankruptcy 101: Various types of chapters, creditor payments, 363 sales, appeals, & Subchapter V

Peter Gannott

Gannott Law Group, PLL

John Ruddy

Ruddy & Petersen Law Group, LLC

On-Demand: March 25, 2024

$195.00 2 hour CLE

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Program Summary

Session I - Business Bankruptcy Blueprint: Types, players and important issues unveiled - Peter M. Gannott

The seminar will comprehensively explore the multifaceted landscape of business bankruptcy, covering key aspects such as the goals of bankruptcy, the various types and chapters it encompasses, and the diverse players involved in the process. Participants will gain insights into the crucial order of creditor payments and delve into the intricacies of bankruptcy §363 sales. A particular focus will be on the evolving legal framework surrounding appeals of §363(m) sale orders, offering an understanding of this dynamic area. Additionally, the session will address strategic considerations and methods for opposing the discharge of a Subchapter V business, providing participants with valuable knowledge and tools to navigate the complexities of business bankruptcy proceedings effectively.

Key topics:

The goals of bankruptcy
The types and chapters of bankruptcy
The players in bankruptcy
The order of creditor payments
Bankruptcy §363 sales
Evolving law of appeals of § 363(m) sale orders
Opposing a subchapter v business’ discharge

Session II – The Chapter 11 case for small businesses - John C. Ruddy

This Guideline is intended to review, analyze, and critique the various options that a financially struggling business. The guideline will point out the advantages as well as the disadvantages that a Chapter 11 Debtor faces.

Key topics:

Business chapter 11 proceeding
Comparison of a chapter 11 proceeding with a chapter 13 proceeding
Description of the opportunities as the dangers that a business chapter 11 debtor faces
Taking the proper approach in communicating and presenting an offer to the creditors

Closed-captioning available

Speakers

Peter M. Gannott | Gannott Law Group, PLL

Peter Gannott is the principal of the Louisville law firm of Gannott Law Group, PLLC where he concentrates his practice in the areas of commercial litigation, creditor’s rights, insolvency, and bankruptcy law. He focuses primarily on representing debtors, Chapter 7 and 11 trustees, creditors, committees, landlords and secured lenders in Chapter 11 and complex Chapter 7 cases. His other areas of experience include litigation of small business internal disputes, FCRA and FDCPA claims and real estate matters. Mr. Gannott served as Chair of the Bankruptcy Section of the Commercial Law League of America and is the former adjunct faculty member of the University of Louisville. He frequently lectures and writes on bankruptcy topics and has authored numerous articles. Mr. Gannott graduated with honors from the University of Illinois and earned his J.D. degree from the Washington College of Law, American University.

John C. Ruddy| Ruddy & Petersen Law Group, LLC

The Ruddy family has been practicing law in Kane County since 1927. John Ruddy’s father, Clarence Ruddy, was a 1922 graduate of East Aurora High School. While attending East High, his father was captain of the debate team. His father later attended Notre Dame Law School in the Knute Rockne era and was founder of the Notre Dame Law Review. John is grateful to his wife Lorna for all the support she has given him during the course of their 40-year marriage.

John graduated from Marmion Military Academy in Aurora in 1968. Thereafter, he graduated from the University of Denver and obtained his J.D. from John Marshall Law School, which is now a graduate school of the University of Illinois at Chicago. John Ruddy began practicing law in 1977 with his father (Clarence), brother (Phillip), Charles Myler and retired Judge Donald Fabian. John is deeply grateful for the advice that they gave him on how to protect a client’s interests while maintaining high ethical standards. John is proud to continue the Ruddy tradition of practicing law in the Chicago area.

John is a managing member in the firm Ruddy & Petersen Law Group, LLC, in Aurora, Illinois. John concentrates his practice in the areas of litigation concerning real estate, bankruptcy reorganization, commercial matters, eminent domain, and consumer disputes. He has been in practice since 1977. John advises and represents the firm’s clients on real estate foreclosure proceedings, including the implementation of sheriff’s sales. John also advises and represents loan borrowers on defenses and counterclaims to mo11gage foreclosure proceeding, including the Fair Credit Agreements Act, the Real Estate Settlement Protections Act, the Truth in Lending Act, the Fair Debt Collection Practices Act and the Illinois Consumer Fraud Act. John is an active member of the Kane County Bar Association and has been a co-chair along with Brie Crawford of the Business Issues Committee for several years. In addition to studying law, John enjoys going overseas, studying foreign languages and foreign cultures. John enjoys studying Chinese, Spanish, and French.