Ask LLPBack to homepage

INDIVIDUAL UNSECURED CREDITORS’ RIGHTS

ASK LLP is one for the few bankruptcy law firms that have a practice focusing specifically on the rights of individual unsecured trade creditors. Unsecured trade creditors are typically on the bottom of the “totem pole” when it comes to recovery in bankruptcy, and traditionally come behind post-petition lenders (such as a DIP lender), pre-petition secured creditors, administrative creditors, professional fees, and statutory trust creditors (such as PACA and PASA). Because of this, many law firms, including bankruptcy law firms, focus on representing creditors’ committees or institutional creditors, such as hedge funds and bond holders. They do not focus on the rights of individual unsecured trade creditors.

  • Analyzing the bankruptcy case, including the debtor's capital structure, debts and assets, to advise on the chances of recovery.
  • Analyzing the basis for your claim to advise on your chances of recovery.
  • Preparing and filing your proof of claim.
  • Monitoring the case and informing you of any events that may hurt your recovery and advising on what action, if any, you could take in response.
  • Analyzing whether you have a priority claims such as a “503(b)(9) claim” for goods received by the debtor within 20 days before filing for bankruptcy, and whether you have a statutory trust claim or lien that would improve your chances of getting paid.
  • If applicable, filing your Reclamation Demand for goods delivered to the debtor within 45 days before bankruptcy for filing.
  • Negotiating “critical vendor” status for you, which may get you paid on some or all of your prepetition claims.
  • Advising on contract and lease assumption and rejection, including fighting for “rejection damages”.
  • Filing relevant motions to protect your interests, including but not limited to, a 503(b)(9) motion, motion to lift the automatic stay, motion to compel the debtor to accept or reject a lease or contract and/or motion for adequate protection.

INDUSTRIES

While ASK has represented unsecured creditors in the full range of different industries, ASK has extensive experience representing unsecured creditors in the following industries:

  • Apparel
  • Retail
  • Food & Beverage
  • Energy Exploration & Production
  • Healthcare
  • Mining

FEES

ASK understands that it is difficult to throw good money after bad in attorneys’ fees, especially in situations where recovery is uncertain. Therefore ASK is willing to enter into creative fee arrangements that are mutually beneficial such as a fee cap, contingency fee, blended hourly and contingency fee, payment plans and deferred payment.


FREE CONSULTATION

If you are an unsecured creditor in a bankruptcy, please call ASK for a FREE CONSULTATION, regardless of the size of your claim.  Please call 212-267-7342 or email eneiger@askllp.com.


CLIENT TESTIMONIALS

"ASK’s team of creditors’ rights attorneys worked seamlessly with our legal, program, contracts and credit personnel to help resolve complex issues relating to the debtor’s assumption of our vendor agreement.  They also worked diligently to secure our status as a critical vendor, which allowed us to obtain early and full payment even though we were an unsecured creditor.  The ASK attorneys were knowledgeable, responsive and effective.  I would recommend ASK to any unsecured creditor who is facing a bankruptcy scenario".

Andrew N. Petrakes, ESQ
Assistant General Counsel & Assistant Secretary, Leidos, Inc.

“Ed Neiger and the team at ASK LLP provided me with first-rate client service. They interwove novel ideas and creative arguments with a superb understanding of unsecured creditor’s rights to achieve highly favorable results. The team’s knowledge, dedication, and responsiveness allowed me to rest easy knowing that they would proactively manage the risks and issues that were important to me."

Randy Johnson, Counsel
ENGIE Resources LLC (formerly GDF Suez)

"As the CFO of a large apparel manufacturer and wholesaler, I am grateful for the work that Ed Neiger and the entire ASK team has done on our behalf. Because of ASK’s in-depth knowledge of bankruptcy law as well as their familiarity with the apparel industry and the specific issues that creditors in the retail industry typically face, we were able to better protect ourselves against defaults and recover money when we were faced with a bankruptcy . I highly recommend ASK to any apparel manufacturer or retail supplier who has a customer in bankruptcy or facing bankruptcy".

Martin Park, CFO, International Apparel Importer and Manufacturer
Los Angeles, CA

practice areas

News & Events

  • April 2017

    The New York Law Journal published the latest Bankruptcy Update column, a recurring column on the latest bankruptcy law news and developments. The column is written by ASK attorney Edward E. Neiger and can be viewed by clicking here. To view prior columns, click here.

    Read More