UCC Foreclosures: Overcoming Obstacles to the Sale and Evaluating Receivership, ABC and Bankruptcy Alternatives

Protecting Lender and Borrower Interests

Recording of a 90-minute CLE webinar with Q&A


Conducted on Wednesday, November 18, 2015

Recorded event now available

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Program Materials

This CLE webinar will provide bankruptcy attorneys with a review of the circumstances under which an Article 9 foreclosure is the preferred option to maximize value for the secured creditor. The panel will discuss the Article 9 foreclosure process and outline best practices to address obstacles inherent in Article 9 foreclosures. The panel will also discuss alternatives to Article 9 foreclosures in transfers of distressed assets.

Description

Secured creditors face great challenges protecting their interests in the event of a loan default. Practitioners must evaluate loan workouts and other pre-bankruptcy solutions to determine whether they are adequate to protect the lender’s interests.

While in many cases bankruptcy may be the preferred avenue for secured creditors, a foreclosure under UCC Article 9 can be a better option in some situations. In the appropriate circumstances, foreclosure under Article 9 can be quicker, less expensive and more predictable than a Section 363 sale.

The Article 9 foreclosure process contains pitfalls for creditors and obstacles that must be addressed. With careful planning, counsel can overcome these issues and minimize the risks.

The Article 9 foreclosure process will also be compared and contrasted to other alternatives, including assignments for the benefit of creditors and bankruptcies.

Listen as our authoritative panel of bankruptcy specialists offers their perspectives and experiences on foreclosure under UCC Article 9, carrying out UCC sales, and avoiding the unexpected difficulties that arise with such sales, and alternatives to such sales.

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Outline

  1. Evaluating alternatives to UCC Article 9 foreclosures
    1. Loan workouts, assignment for benefit of creditors and receivership
    2. Section 363 bankruptcy sale
    3. Advantages of Article 9 proceeding
  2. Effectuating a UCC Article 9 sale
    1. Evaluating default
    2. Adequate lien search
    3. Strict foreclosure
    4. Public vs. private sale
  3. Obstacles to Article 9 proceeding
    1. Notice
    2. Commercial reasonableness
    3. Successor liability
    4. Clear title
  4. Comparing Article 9 Sales and Alternatives
    1. The Alternatives – Assignments for the Benefit of Creditors, Bankruptcy, Receiverships
    2. Pluses and Minuses of Each Alternative

Benefits

The panel will address these and other important issues:

  • What are the key factors in determining whether a UCC foreclosure is a better choice than loan workouts and other pre-bankruptcy and bankruptcy alternatives?
  • What are the key factors in determining what type of Article 9 foreclosure sale will maximize value for the secured creditor?
  • How can counsel guide clients to avoid the pitfalls presented by Article 9 foreclosure sales?

Faculty

Burke, Peter
Peter S. Burke

Partner
Paul Hastings

Mr. Burke works in the firm's Finance and Restructuring Group and his practice focuses on commercial and...  |  Read More

Cohen, Theodore
Theodore A. Cohen

Special Counsel
Sheppard Mullin Richter & Hampton

Mr. Cohen specializes in creditors' rights and focuses on lender, indenture trustee, and lessor representation...  |  Read More

Hildebrandt, Jennifer
Jennifer B. Hildebrandt

Of Counsel
Paul Hastings

Ms. Hildebrandt represents banks, commercial finance companies, hedge funds, and other lenders in commercial and...  |  Read More

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