Adam T. Berkowitz
Partner/Director
516-393-2502
Corporate Restructuring and Bankruptcy
- Overview
- Attorneys
- Insights
Garfunkel Wild’s Corporate Restructuring and Bankruptcy Practice Group has represented key constituents in many of the healthcare sector’s largest and most complex reorganizations, including the Debtor representation of multiple hospital systems as well as one of the largest not-for-profit social services agency to ever navigate the chapter 11 process. Our attorneys in this Group pride themselves on developing practical and innovative solutions to the complex and unique issues which often arise when a healthcare provider is faced with financial extremis. Our expertise goes well beyond the healthcare and not-for-profit sectors, however, and our attorneys have broad experience working with sizeable businesses in the real estate, manufacturing, service, technology, and retail sectors as they restructure their affairs either informally or in the context of Chapter 11 of the Bankruptcy Code.
The Corporate Restructuring and Bankruptcy Practice Group advises our clients in the following representative areas:
- Preparing and prosecuting Chapter 11 cases for corporate debtors including not-for-profit hospitals and other institutions
- Providing advice and assistance with asset acquisitions, claims trading, exempt property and asset protection issues, and enforcement of shareholders’ and creditors’ rights
- Developing competing plans of reorganization for potential acquirers of distressed entities
- Obtaining debtor-in-possession financing
- Defending against preference and fraudulent conveyance actions
- Advising about general business practices for debtors-in-possession and troubled companies
- Defending against and assisting with involuntary bankruptcies
In addition to working directly with debtors and other troubled companies, the Group has represented numerous creditors’ committees, individual creditors, and creditor constituencies in many complex and highly visible Chapter 11 cases. We also provide advice on distressed lending and all phases of distressed mergers and acquisitions, including stock and asset acquisitions of financially distressed companies.
Practice Group Contacts
Team
Federal Court Enjoins the Corporate Transparency Act
On December 3, 2024, a federal district court in Texas issued a nationwide injunction that prohibits the federal government from enforcing the Corporate Transparency Act (CTA) and the regulation that requires corporate entities registered under state law to report detailed information about ownership.
Breaking News: Federal Court Blocks FTC’s Non-Compete Ban Nationally
A Texas Federal Judge issued a decision blocking the FTC’s proposed ban on non-compete agreements, which was set to go into effect on September 4, 2024. As previously reported, the Texas Federal Court had issued a preliminary injunction limiting the enforceability of the FTC’s non-compete ban for the individual plaintiff in that lawsuit only. The Judge has now expanded that ruling nationally – preventing the FTC non-compete ban from going into effect.
NY Issues Statewide Fiscal Intermediary RFP
As we reported in a prior alert titled "NY Upends CDPAP Fiscal Intermediary Framework", the New York State (NYS) budget for fiscal year 2025 significantly changed who can be a Fiscal Intermediary (FI) under the state’s Consumer Directed Personal Assistance Program (CDPAP).
FTC Bans Non-Competes Across the Nation
On Tuesday, April 23, 2024, the Federal Trade Commission (FTC) promulgated a final rule banning most non-compete agreements, in any industry, and is set to become effective 120 days after its publication in the Federal Register (the “Final Rule”).
Federal District Court Declares Corporate Transparency Act Unconstitutional
On March 1, 2024, the United States District Court for the Northern District of Alabama declared the Corporate Transparency Act (CTA) unconstitutional.
Governor Hochul Proposes Significant Changes to CDPAP and to LHCSA Enrollment in Medicaid
Governor Hochul’s 30-day Amendments to her proposed state fiscal year 2025 Executive Budget would significantly change New York State’s (NYS) Consumer Directed Personal Assistance Program (CDPAP) and what licensed home care services agencies (LHCSAs) can enroll or re-enroll in Medicaid.
Wolters Kluwer – The Road to Compliance: Understanding the Corporate Transparency Act and FinCEN Beneficial Ownership
Steven R. Antico and J. David Morrissy will break down the Beneficial Ownership Information Reporting Requirements and how the requirements will affect your business.
FinCEN’s Beneficial Ownership Information Reporting Portal is Now Available
On January 1, 2024, the United States Department of Treasury’s Financial Crimes Enforcement Network ("FinCEN") opened its Beneficial Ownership Secure System ("BOSS") portal to the public and began accepting Beneficial Ownership Information Reports ("BOI Reports") from Reporting Companies pursuant to the Corporate Transparency Act (“CTA”).
Favorable OIG Advisory Opinion Allows Subsidies for FDA-Approved Clinical Studies
The U.S. Department of Health and Human Services, Office of Inspector General (OIG) posted a favorable Advisory Opinion (23-11) that allows a medical device manufacturer (Manufacturer) to subsidize Medicare cost-sharing obligations as part of a U.S. Food & Drug Administration (FDA)-approved clinical study involving a Category B Investigational Device Exemption.
The Road to Compliance: Understanding the Corporate Transparency Act and FinCEN Beneficial Ownership Reporting Requirements
As of January 1, 2024, many companies in the United States will have to file a Beneficial Ownership Information Report with FinCEN pursuant to the implementing regulations of the Corporate Transparency Act passed in 2021. Join us for an in-depth review of the Corporate Transparency Act.
New Corporate and Entity Ownership Reporting Requirement
Beginning on January 1, 2024, the Corporate Transparency Act (CTA) will require many companies to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN).
New Jersey Permits Entity Conversion and Domestication
On May 8, 2023, New Jersey Governor Phil Murphy signed into law Senate Bill S142 (now P.L.2023, c. 38) (the "Act"), which modifies applicable business filing statutes contained in the New Jersey Business Corporation Act by adding conversion and domestication provisions across all business entity types.
Small Business Bankruptcy Option
Small businesses confronting the stress of a financial decline and considering the option of reorganization under Chapter 11 of the Bankruptcy Code traditionally have had to weigh the substantial cost and long time line of a successful restructuring.
Garfunkel Wild’s Corporate Restructuring and Bankruptcy Practice Group has represented key constituents in many of the healthcare sector’s largest and most complex reorganizations, including the Debtor representation of multiple hospital systems as well as one of the largest not-for-profit social services agency to ever navigate the chapter 11 process. Our attorneys in this Group pride themselves on developing practical and innovative solutions to the complex and unique issues which often arise when a healthcare provider is faced with financial extremis. Our expertise goes well beyond the healthcare and not-for-profit sectors, however, and our attorneys have broad experience working with sizeable businesses in the real estate, manufacturing, service, technology, and retail sectors as they restructure their affairs either informally or in the context of Chapter 11 of the Bankruptcy Code.
The Corporate Restructuring and Bankruptcy Practice Group advises our clients in the following representative areas:
- Preparing and prosecuting Chapter 11 cases for corporate debtors including not-for-profit hospitals and other institutions
- Providing advice and assistance with asset acquisitions, claims trading, exempt property and asset protection issues, and enforcement of shareholders’ and creditors’ rights
- Developing competing plans of reorganization for potential acquirers of distressed entities
- Obtaining debtor-in-possession financing
- Defending against preference and fraudulent conveyance actions
- Advising about general business practices for debtors-in-possession and troubled companies
- Defending against and assisting with involuntary bankruptcies
In addition to working directly with debtors and other troubled companies, the Group has represented numerous creditors’ committees, individual creditors, and creditor constituencies in many complex and highly visible Chapter 11 cases. We also provide advice on distressed lending and all phases of distressed mergers and acquisitions, including stock and asset acquisitions of financially distressed companies.
Practice Group Contacts
Team
Federal Court Enjoins the Corporate Transparency Act
On December 3, 2024, a federal district court in Texas issued a nationwide injunction that prohibits the federal government from enforcing the Corporate Transparency Act (CTA) and the regulation that requires corporate entities registered under state law to report detailed information about ownership.
Breaking News: Federal Court Blocks FTC’s Non-Compete Ban Nationally
A Texas Federal Judge issued a decision blocking the FTC’s proposed ban on non-compete agreements, which was set to go into effect on September 4, 2024. As previously reported, the Texas Federal Court had issued a preliminary injunction limiting the enforceability of the FTC’s non-compete ban for the individual plaintiff in that lawsuit only. The Judge has now expanded that ruling nationally – preventing the FTC non-compete ban from going into effect.
NY Issues Statewide Fiscal Intermediary RFP
As we reported in a prior alert titled "NY Upends CDPAP Fiscal Intermediary Framework", the New York State (NYS) budget for fiscal year 2025 significantly changed who can be a Fiscal Intermediary (FI) under the state’s Consumer Directed Personal Assistance Program (CDPAP).
FTC Bans Non-Competes Across the Nation
On Tuesday, April 23, 2024, the Federal Trade Commission (FTC) promulgated a final rule banning most non-compete agreements, in any industry, and is set to become effective 120 days after its publication in the Federal Register (the “Final Rule”).
Federal District Court Declares Corporate Transparency Act Unconstitutional
On March 1, 2024, the United States District Court for the Northern District of Alabama declared the Corporate Transparency Act (CTA) unconstitutional.
Governor Hochul Proposes Significant Changes to CDPAP and to LHCSA Enrollment in Medicaid
Governor Hochul’s 30-day Amendments to her proposed state fiscal year 2025 Executive Budget would significantly change New York State’s (NYS) Consumer Directed Personal Assistance Program (CDPAP) and what licensed home care services agencies (LHCSAs) can enroll or re-enroll in Medicaid.
Wolters Kluwer – The Road to Compliance: Understanding the Corporate Transparency Act and FinCEN Beneficial Ownership
Steven R. Antico and J. David Morrissy will break down the Beneficial Ownership Information Reporting Requirements and how the requirements will affect your business.
FinCEN’s Beneficial Ownership Information Reporting Portal is Now Available
On January 1, 2024, the United States Department of Treasury’s Financial Crimes Enforcement Network ("FinCEN") opened its Beneficial Ownership Secure System ("BOSS") portal to the public and began accepting Beneficial Ownership Information Reports ("BOI Reports") from Reporting Companies pursuant to the Corporate Transparency Act (“CTA”).
Favorable OIG Advisory Opinion Allows Subsidies for FDA-Approved Clinical Studies
The U.S. Department of Health and Human Services, Office of Inspector General (OIG) posted a favorable Advisory Opinion (23-11) that allows a medical device manufacturer (Manufacturer) to subsidize Medicare cost-sharing obligations as part of a U.S. Food & Drug Administration (FDA)-approved clinical study involving a Category B Investigational Device Exemption.
The Road to Compliance: Understanding the Corporate Transparency Act and FinCEN Beneficial Ownership Reporting Requirements
As of January 1, 2024, many companies in the United States will have to file a Beneficial Ownership Information Report with FinCEN pursuant to the implementing regulations of the Corporate Transparency Act passed in 2021. Join us for an in-depth review of the Corporate Transparency Act.
New Corporate and Entity Ownership Reporting Requirement
Beginning on January 1, 2024, the Corporate Transparency Act (CTA) will require many companies to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN).
New Jersey Permits Entity Conversion and Domestication
On May 8, 2023, New Jersey Governor Phil Murphy signed into law Senate Bill S142 (now P.L.2023, c. 38) (the "Act"), which modifies applicable business filing statutes contained in the New Jersey Business Corporation Act by adding conversion and domestication provisions across all business entity types.
Small Business Bankruptcy Option
Small businesses confronting the stress of a financial decline and considering the option of reorganization under Chapter 11 of the Bankruptcy Code traditionally have had to weigh the substantial cost and long time line of a successful restructuring.