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Creditors' Rights & Bankruptcy

We regularly negotiate and litigate complex issues in the United States Bankruptcy Courts from coast to coast and State and Federal Courts in our region.

Business insolvencies create challenges for lenders, creditors, suppliers, landlords and contract parties. With attorneys in Kentucky, Tennessee, Georgia and Indiana, Stites & Harbison's Creditors' Rights and Bankruptcy Service Group works with our clients to find practical solutions for their issues.

The firm's practical experience in workouts, litigation and bankruptcy enables us to promptly and efficiently obtain results for our clients.

Creditors' Rights & Bankruptcy Specialty Areas
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Client Alerts

Information You Need on the COVID-19 Coronavirus

Stites & Harbison has assembled a Coronavirus Response Team which consists of a cross-disciplinary task force of attorneys and critical staff members to ensure our firm remains “On the Job” for you. Updated 08/03/20

by Stites & Harbison, PLLC July 30, 2020
Client Alerts

Creditors Take Notice: Changes to House Bills 155 and 411

Two recent bills were signed into law following the 2020 Regular Session of the Kentucky Assembly which impact creditors. House Bill 155 and House Bill 411.

by Elizabeth Lee Thompson and Bailey Browning, Summer Associate (2020) July 10, 2020
Client Alerts

Main Street Loan Program

Recently, the Federal Reserve initiated a new commercial lending facility that has been promised for months, the Main Street Lending Program (“MSLP”), consisting of three new loan facilities: the New Loan Facility, Expanded Loan Facility and Priority Loan Facility.

by Michael B. Schwegler (Mike) and J. David Wicker June 29, 2020
Client Alerts

New Federal Law Makes Important Changes To Paycheck Protection Program

The Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”), which is intended to address problematic elements of the Paycheck Protection Program (“PPP”), was signed into law by the President on June 5, 2020.

by Brian A. Cromer June 05, 2020
Client Alerts

SBA Extends PPP Loan Safe Harbor Repayment Date to May 18, 2020

Last night, the U.S. Small Business Administration extended the safe harbor deadline for the repayment of Paycheck Protection Program loans from May 14, 2020 to May 18, 2020.

by Brian A. Cromer May 14, 2020
Client Alerts

New SBA Guidance on PPP Loans and the Necessity Certification: Safe Harbor for Loans Under $2 Million and SBA Remedies for Certain Adverse Determinations

Against a backdrop of considerable anxiety in the business community regarding many aspects of the Paycheck Protection Program (“PPP”), the U.S. Small Business Administration (“SBA”) today issued its promised guidance on how it will review a borrower’s good-faith certification of economic need in connection with a PPP loan.

by Brian A. Cromer May 13, 2020
Client Alerts

No Good Deed: Protecting Yourself and Your Business from a Governmental Investigation Concerning Your PPP Loan

In a time when more than $650 billion in stimulus funds are being pumped through the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), the potential for bad actors to create havoc for business owners reliant upon these mostly forgivable loans is almost guaranteed.

by Joshua F. Barnette and Michael Denbow May 13, 2020
Client Alerts

COVID-19 Scams: What Employers Need to Know

As businesses configure their workplaces to include new safety measures such as providing temperature checks, supplying necessary personal protective equipment (PPE) to employees, or installing hand sanitation stations, they must also be cautious of suspicious activities from fake suppliers, vendors, and other scammers attempting to exploit the current COVID-19 pandemic.

by Calesia Henson and Shannon Antle Hamilton May 12, 2020
Client Alerts

The Los Angeles Lakers and the Paycheck Protection Program: U.S. Treasury Secretary Mnuchin Calls Flagrant Foul and Pledges Full Audits for Larger Loans

The Los Angeles Lakers, one of the most valuable sports franchises in the world, returned to the front page this week despite the suspension of the NBA season, and there are important repercussions for participants in the Paycheck Protection Program (“PPP”).

by Brian A. Cromer April 29, 2020
Client Alerts

Paycheck Protection Program Update: SBA Issues New Guidance Emphasizing Eligibility Requirements

In an apparent response to controversy related to public companies and larger concerns obtaining Paycheck Protection Program (“PPP”) loans, the Small Business Administration, in consultation with the Treasury Department, today issued additional guidance intended to underscore that loan requests must be necessary based on the actual economic need of the borrower.

by Brian A. Cromer April 23, 2020
Client Alerts

Updated CDC Guidance for Essential Workers

On April 8, 2020, the Center for Disease Control and Prevention (“CDC”) provided updated guidance for COVID-19 exposed employees for essential businesses, such as groceries, hospitals, and first responders.

by Shannon Antle Hamilton April 13, 2020
Press Releases

Benchmark Litigation names Stites & Harbison as Litigation Firm of the Year for Kentucky

LOUISVILLE, Ky.—Benchmark Litigation recently named Stites & Harbison, PLLC as Litigation Firm of the Year for Kentucky at its 2020 Annual Awards Gala.

by Stites & Harbison, PLLC April 08, 2020
Client Alerts

SBA Issues Interim Final Rule for Paycheck Protection Program

Provisions of the Paycheck Protection Program of the Coronavirus/COVID-19 economic relief legislation remain subject to change. On Thursday, April 2, 2020, the SBA issued a 31-page interim final rules to update and clarify the existing requirements. The content of this article is current as of Tuesday, April 7, 2020.

by James C. Seiffert and Jameson M. Seiffert April 06, 2020
Client Alerts

CARES Act – Relief for Small Businesses

On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act of 2020 (the “CARES Act” or “Act”) passed and was signed – it is the largest economic aid package in United States history.

by Amy L. Baker and Andrew Battle Sanders April 01, 2020
Press Releases

Brian Bennett Appointed to Greater Louisville March of Dimes Board

LOUISVILLE, Ky.—The Greater Louisville Market of the March of Dimes has appointed Stites & Harbison, PLLC attorney Brian Bennett to its Board of Directors.

by Stites & Harbison, PLLC March 30, 2020
Client Alerts

Department of Labor to Employers: You Must Notify Your Employees of New Paid Leave Laws by April 1, 2020

The Families First Coronavirus Response Act, effective April 1, 2020, requires certain public employers and private employers with fewer than 500 employees to provide E-FMLA and Emergency Paid Sick Leave to eligible employees. Employers must notify current employees of these benefits by circulating the official Notice of Employee Rights published by the Department of Labor.

by Rebecca A. Weis and Rachel Dix Bishop March 26, 2020
Press Releases

Mid-South Commercial Law Institute Elects Erika Barnes to its Board of Directors

NASHVILLE, Tenn.—The Mid-South Commercial Law Institute (MSCLI) recently elected Stites & Harbison, PLLC attorney Erika Barnes as a director of its 25-member Board of Directors.

by Stites & Harbison, PLLC March 25, 2020
Client Alerts

Contracts Being Tested by COVID-19

As the country takes action to slow the spread of the COVID-19 coronavirus, sporting events, concerts, and business conferences are being cancelled at an astounding rate. Each day that passes since the outbreak brings new cancellations, government containment efforts, and complex legal questions. The initial visible impact in the United States has been predominantly to the hospitality and entertainment industries, with cancellations significantly affecting venues, attendees, hotels, and caterers; however, the impact of the coronavirus is sure to touch contractual agreements across all industries moving forward. How exactly will the coronavirus affect contracts? The answer: it’s complicated.

by Richard A. Vance and Alison M. Zeitlin March 18, 2020
Press Releases

Stites & Harbison elects three attorneys to Management Committee

LOUISVILLE, Ky.—Stites & Harbison, PLLC recently elected three members to the firm’s six-member Management Committee, replacing three attorneys who completed their terms of service. The new committee members are attorneys Erika Barnes, Carol Dan Browning and Richard Wehrle.

by Stites & Harbison, PLLC March 05, 2020
Client Alerts

New Bankruptcy Law May Increase Small Business Filings

On Wednesday, February 19, 2020, the Small Business Reorganization Act of 2019 creating a new Subchapter V for small-business debtors (less than $2,725,625 in debt) becomes effective. The purpose of this act is to eliminate some of the costly elements of a business bankruptcy reorganization and streamline the procedures.

by Brian R. Pollock, Erika R. Barnes, Eric J. Breithaupt, Elizabeth Lee Thompson, and Stites & Harbison February 18, 2020