Enforcing Vendor Financing Agreements in Bankruptcy: Characterization, Assignability, Lender/Counterparty Obligations
This program is cancelled
A live 90-minute CLE video webinar with interactive Q&A
This CLE webinar will discuss the uncertain and disparate treatment of vendor financing agreements in bankruptcy: whether they are assumable executory contracts or financial accommodation contracts; how the characterization affects the lender's funding duties; and a counterparty's obligations to perform post-petition, including the right to seek different payment terms.
- Overview of inventory financing program agreements
- Applicable Bankruptcy Code sections
- Standards for ascertaining if an agreement is a financial accommodation agreement
- Risks or benefits to lenders if an agreement is or is not a financial accommodation
- Obligations of counterparties under the different types of agreements
- Executory contract
- Financial accommodation contract
The panel will review these and other critical questions:
- Can a lender be forced to perform under the inventory financing program agreement, including making new loans to the dealers?
- When is an extension of credit or the financial accommodation merely "incidental" to a contract for the sale of goods or services?
- Is the debtor a third-party beneficiary of an inventory financing program agreement?
- Can the debtor assume and assign an inventory finance agreement?
Claire Ann Richman
Ms. Richman is a partner in the bankruptcy and insolvency group of Steinhilber Swanson LLP in Madison, WI. In... | Read More
Ms. Richman is a partner in the bankruptcy and insolvency group of Steinhilber Swanson LLP in Madison, WI. In addition to commercial bankruptcy and insolvency matters, both commercial and personal, she concentrates her practice in litigation, contract disputes, debt collection and real estate.Close
Michael P. Richman
Mr. Richman focuses on representing Chapter 11 debtors and creditors' committees and advises on virtually every... | Read More
Mr. Richman focuses on representing Chapter 11 debtors and creditors' committees and advises on virtually every aspect of financial distress and bankruptcy. Throughout his extensive career, he has appeared as counsel in state courts, federal courts and, in particular, bankruptcy courts in nearly 20 states and territories. He focuses on the representation of Chapter 11 debtors and creditors' committees. He regularly advises and represents clients in virtually every aspect of financial distress and bankruptcy, including out-of-court restructurings, prosecution and defense of creditors' rights litigation (including preference and fraudulent conveyance cases), individual and group secured and unsecured creditors, landlords, purchasers of assets under Bankruptcy Code section 363 and other parties in interest.Close