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What happens when a counterparty seeks protection from the risks in continued performance under a contract with a debtor in bankruptcy.
This article examines the typical DIP financing indemnification provision and the less frequently seen pre-petition indemnification provision, and discusses the effect of pre-petition indemnifications on the bankruptcy estate.
Transactions that closed more than four or even six years post-transfer, nonetheless may be subject to an avoidance action for recovery of a fraudulent transfer.
Columns & Departments
Baker Tilly Virchow Krause, LLP recently welcomed John Salza as a principal in charge of tax accounting methods. In this role, Salza lends his expertise to tax engagements across Baker Tilly's industry practices.
Features
A recent study published by Altman Weil listed the ways in which chief legal officers would like to see their outside counsel embrace service improvements and innovation. The top four responses were greater cost reduction, non-hourly pricing, more efficient project management and improved budget forecasting. To anyone paying even cursory attention to the legal marketplace in the last half decade, these should not come as a surprise.
With proper planning, a pension can meet regulations, be funded to the acceptable green zone levels (80%) and reduce the annual net periodic pension funding requirement.
Beyond the "value-added" components of their efforts, expectations have risen in law firms for the marketing team to contribute directly to top-line growth. While their roles typically fall short of direct selling to new clients, in recent years marketing executives have been integrally involved in ongoing account management, prospecting, and expansion. They are juxtaposed with the rainmakers — practically joined at the hip in supporting partners as they embark into the legal market battlefield.
Features
Rather than companies sending out RFPs to a number of law firms, they are now using a "reverse auction" to request quotes from law firms they trust. Here's how it works.
While an available tax credit might seem like a great savings opportunity, as many often are, caution should be your watchword before chasing that credit.
Features
Law firms are at great risk for financial impropriety. Funds can come up missing in any law firm, and the cause can be intentional theft that qualifies as fraud or embezzlement, or an unintentional mistake that shows poor judgment.
