Business
Bankruptcy Lawyers Shine
By Jim Sutherland published Jun 1, 2009
As businesses fight the rising tide of bankruptcies, insolvency specialists are the law firms’ new stars
John McLean, a partner at Gowlings, is surely the city’s only lawyer with a plaque in his office (located on the 23rd floor of Bentall 5) displaying a cheque for 50 cents. That half-dollar represents his split of the purchase price paid by the buyer of the Port Alice pulp mill, in a sale that he helped arrange in 2006 and that ranks as one of B.C.’s great industrial resurrections. A year ago, the plaque seemed bare consolation for the sad condition of McLean’s specialty: insolvency law. “In good times,” he says, “people are too busy. They want to make money; they don’t want to spend time in court.”
True, as 2008 wore on, the rate of personal bankruptcy began to creep up, but no rain was made at the big firms, because individuals considering bankruptcy—in a more streamlined process than the corporate variety—do not usually turn to lawyers, instead proceeding on their own or engaging less costly advisers.
Corporate bankruptcy action only began to stir when forest companies started succumbing to the combination of a high Canadian dollar and low lumber prices, and by last May McLean found himself consumed by the case of Coe Newnes McGehee Inc., a Salmon Arm-based manufacturer of computerized sawmill equipment. He describes insolvency law as “real-time litigation,” in that it usually deals with an operating concern, often one that all parties would like to see nursed back to health. In the case of CNMI, Salmon Arm wanted to keep its several hundred highly paid jobs, and the industry didn’t want to lose a major player with a history dating back to the 19th century. Even the lender, a New York-based hedge fund, preferred to see the company remain lit. But there were serious issues. The lender was unhappy with CNMI’s management. Customers were reluctant to enter into agreements with a firm that might not survive. And the company was burning through its cash, leaving it unable to pay employees and suppliers. The file required McLean’s full attention for about two weeks, and for many hours a day for several weeks after—meaning fewer rounds of golf at the Point Grey country club.
Bankruptcy laws are extremely complicated and nearly impossible for the average person to understand. With the new bankruptcy laws that have been recently put into action, the laws have become even more complicated. This is why it is important to hire a bankruptcy lawyer if you are considering filing bankruptcy. He or she can help you choose the right chapter of bankruptcy for you. cheap conveyancing
you got it right. I agree with you.
costumes
halloween costumes
Attorneys of one type or another can always turn bad situations into self profiting machines. Its similar to the phone sex or adult video business to me. Make money at the costs of others.....great world we live in.
In Scotland, the word "lawyer" refers to a more specific group of legally trained people. It specifically includes advocates and solicitors.
tac claim
Thanks heaps to the author!
hire purchase
In those cases better to contact bankruptcy lawyers & check attorney directories.
Epson 9900
Why didn’t I find this post earlier? Keep up the good work!
Regards,
mortgage home loans
Brilliant post mate, keep up the good work
Thanks,
commercial mortgage
Great blog post. It’s useful information.
Regards,
Citibank
Thanks for the post. Keep the great work.
________________
car finance adelaide
Corrupted people are everywhere :(
Weight Benches
The 50 cents plaque has a deep meaning. Everybody can have their ideas, but the idea behind it's not clear to each and everybody. avafx forex | avafx review
Hi Paul, if you took the picture, you are a genious! I really like the art in it. Sexshop
I would like to add that the buyer of the Port Alice pulp mill, in a sale that he helped arrange in 2006 and that ranks as one of B.C.’s great industrial resurrections.
Solicitors Online
Cheap Conveyancing
John McLean was an American jurist and politician who served in the United States Congress, as U.S. Postmaster General, and as a justice on the Ohio and U.S. Supreme Courts, and was often discussed for the Whig and Republican nominations for President.
Corporate bankruptcy action only began to stir when forest companies started succumbing to the combination of a high Canadian dollar and low lumber prices.
Well i think that the lender was unhappy with CNMI’s management. Customers were reluctant to enter into agreements with a firm that might not survive. And the company was burning through its cash, leaving it unable to pay employees and suppliers.
Maritime Accidents
Solicitors Online
Cheap Conveyancing
