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.
While ASK has represented unsecured creditors in the full range of different industries, ASK has extensive experience representing unsecured creditors in the following industries:
- Food & Beverage
- Energy Exploration & Production
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.