Our firm's bankruptcy practice team has emerged as one of Central Virginia's leading bankruptcy groups and includes two former bankruptcy judicial law clerks, two past chairs of the Bankruptcy Section of the Richmond Bar Association, and one of only two Richmond-based bankruptcy attorneys currently certified as a business bankruptcy specialist by the American Board of Certification. Our group regularly draws from the expertise of top attorneys from other practice areas within the firm, including real estate, corporate, mergers, employment, tax, and litigation. With decades of bankruptcy experience, combined with the depth and diversity of one of Virginia's oldest and largest law firms, we provide creative, results-oriented, and cost-efficient representation to a wide variety of clientele, including troubled businesses and business owners, lenders, creditors committees, bankruptcy trustees, and other key constituents.
Primary Service Areas
Chapter 11, Business Restructuring and Workouts
We have handled in excess of 75 Chapter 11 debtor cases in the past decade and have obtained confirmed plans of reorganization or liquidation in a large majority of these cases. We also regularly handle out-of-court restructurings and commercial workouts. Our business reorganization and restructuring clients have included real estate developers, technology companies, manufacturers, petroleum wholesalers and retailers, a national operator of medical testing facilities, a 25-store retailer of cellular devices and services, high net worth individuals, farm operators (Chapters 11 and 12), physicians, and a wide array of retailers, service providers, and other enterprises with annual revenues ranging from in excess of $100,000,000 to as little as $2,000,000. Our deep experience and creativity enables us to deliver superior results in the form of confirmed plans, going concern sales, out-of-court restructuring agreements, and loan modifications. Our track record of favorable results sets us apart from other firms. Please contact one of our team leaders for a comprehensive list of our representations.
Official Committees and Other Creditor Representations
Our bankruptcy group has served as counsel to numerous committees of unsecured creditors. In each case, our overriding objective is to identify quickly and implement the best strategy to maximize creditor recoveries. Our committee representations have included a building supply business with annual sales exceeding $100 million, loan companies, an industrial processing firm, an auto dealer, a construction firm, a former rubber manufacturer, a wholesaler of fiber optic cable, and several retail businesses.
We represent a wide variety of other creditor entities in bankruptcy and workout settings. These include banks and other lenders, principals, directors and officers, real estate and equipment lessors, vendors, and general unsecured creditors. We have represented significant parties in the Chapter 11 cases of Circuit City Stores, Inc., LandAmerica Financial Group, Bear Island Paper Company, Prospect Homes, S&K Famous Brands, Movie Gallery, Smurfit-Stone, Qimonda, Heilig-Meyers, and Fas Mart Convenience Stores.
Bankruptcy and Creditors' Rights Litigation
Litigation is a significant aspect of bankruptcy and creditors' rights and we routinely defend and prosecute a wide array of matters in Bankruptcy Court under all chapters of the Bankruptcy Code and state and federal courts both inside and outside of Virginia. These matters include preference actions, fraudulent conveyance and other avoidance litigation, dischargeability complaints, plan objections, lien disputes, claim objections, subordination actions, cash collateral disputes, debtor-in-possession financing matters, enterprise valuations, section 363 asset sales, and secured creditor enforcement actions.
Receiverships and Trustee Representations
Members of the practice group have served as receivers for more than a dozen businesses, normally at the direction of a particular state court or agency. These businesses have included loan companies, an industrial processing firm, a regional lumber company, an auto dealer, and construction firms. Our tasks have included sales of all assets, pursuit of claims against former principals, claims solicitation, and formulation and implementation of liquation plans.
We often represent Chapter 7 and 11 bankruptcy trustees in complex business and personal bankruptcy cases. Our tasks as trustee counsel normally include pursuit and liquidation of assets, avoidance and recovery of preferential and/or fraudulent transfers, and related matters including plan confirmation and lien avoidance matters.
Representation of Individual Debtors
We routinely represent individual clients under Chapters 11, 12, 13, and 7 of the Bankruptcy Code. These cases are normally more complex and challenging than the usual personal cases, often involving significant assets, large claims, and difficult legal issues. Quite often, we strive to keep individual clients out of bankruptcy by developing and implementing creative workout and debt settlement strategies as well as asset protection strategies.