A recent case demonstrates the importance of reviewing bankruptcy schedules carefully and in advance of the expiration of the time to object to claimed exemptions in a bankruptcy proceeding.
When a loan becomes distressed, it is essential for the secured lender to conduct a file review to determine if there are any deficiencies that need to be addressed. If deficiencies are not addressed, the lender’s collateral position might be jeopardized, and the lender may well encounter obstacles enforcing the loan.
Michigan Governor Gretchen Whitmer signed into law several bills on October 22, 2020, including those providing a liability shield to individuals and entities that comply with COVID-19-related government directives and offering protections for certain employees who are required to stay off work because they contract, exhibit symptoms of, or are exposed to COVID-19.
An amendment effective October 15, 2020, makes the Uniform Commercial Real Estate Receivership Act applicable generally to commercial and industrial loans that have no real estate collateral. This article summarizes some of the changes and the interplay between receivership and bankruptcy.
Public Act 228 of 2020 amends the OMA to allow public bodies to conduct electronic "virtual" meetings with remote participation for any reason through the end of 2020, and in 2021 under specific circumstances.
In the SBA Procedural Notice dated October 2, 2020, the Small Business Administration has issued mandates that may impact the ability of a recipient of a Paycheck Protection Program (“PPP”) loan to raise capital, to transfer ownership, to sell assets, or to liquidate. While the Approval Notice is strikingly broad in scope, there are ways of reducing, if not eliminating, its effect on these types of transactions.
On October 9, 2020, the Director of the Michigan Department of Health and Human Services issued an emergency order reinstating some, but not all, of the restrictions contained in Governor Whitmer's COVID-19 emergency orders that were invalidated by the Michigan Supreme Court. In this alert, we summarize many of the important features of the MDHHS Oct. 9 Order.
Before you send any communication via text, or any other app, think twice, proofread twice, take a breath, proofread again, and then ask yourself if this is the best way to communicate. Do not say something in an email or a text that you would not write in a formal letter, as these communications have the same effect as a letter.
