PRESS RELEASE
24 August 2018

American Bar Association Publishes The Bankruptcy Handbook For Franchisors And Franchisees, Co-Edited By Foley & Lardner LLP Partner Jason B. Binford

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Foley & Lardner

Contributor

Foley & Lardner LLP looks beyond the law to focus on the constantly evolving demands facing our clients and their industries. With over 1,100 lawyers in 24 offices across the United States, Mexico, Europe and Asia, Foley approaches client service by first understanding our clients’ priorities, objectives and challenges. We work hard to understand our clients’ issues and forge long-term relationships with them to help achieve successful outcomes and solve their legal issues through practical business advice and cutting-edge legal insight. Our clients view us as trusted business advisors because we understand that great legal service is only valuable if it is relevant, practical and beneficial to their businesses.
The Bankruptcy Handbook for Franchisors and Franchisees, published by the American Bar Association Forum on Franchising, is now in print.
United States

The Bankruptcy Handbook for Franchisors and Franchisees, published by the American Bar Association Forum on Franchising, is now in print. The book was co-edited by Jason B. Binford, who is also a co-author of the chapter on bankruptcy sales. Mr. Binford is a Dallas-based partner in the firm's Bankruptcy & Reorganizations and Distribution & Franchise Practice Groups. This one-of-a-kind book brings together the expertise of 25 attorney authors to provide practical and comprehensive guidance on the complicated intersections between financial workouts (including bankruptcy) and franchise law.

Binford's chapter on bankruptcy sales (commonly referred to as 363 sales) highlights the importance of 363 sales in Chapter 11 bankruptcy practice. Chapter 11 was originally designed as a means of financial reorganization via a plan of reorganization, allowing a company to emerge from bankruptcy free from its burdensome pre-bankruptcy debts and obligations. While Chapter 11 plans still serve this purpose, it has become increasingly common for debtors to use the bankruptcy process to sell the business as a going-concern via a 363 sale process. The reason: cost. A Chapter 11 plan may take many months to formulate, file, and take to confirmation; a 363 sale, in contrast, is faster and can be much less complicated. The bankruptcy sale chapter of the book discusses 363 sales in detail, including the procedural requirements for a sale and the legal standard for approval. The chapter also walks the reader through a typical auction process, including bidding procedures, stalking horse protections, and credit bidding, and it concludes with how the franchisor/franchisee relationship can be affected during the course of a 363 sale.

In addition to bankruptcy sales, the 320-page book covers the following topics:

  • Prebankruptcy Considerations of the Franchisee and Franchisor
  • The Bankruptcy Filing – Initial Issues
  • The Automatic Stay
  • Cash Collateral
  • Assumption, Rejection, and Assignment of Franchise Agreements in Bankruptcy
  • Intellectual Property Issues
  • Claims and Claims Litigation
  • Plan Confirmation
  • Chapter 7 Bankruptcy and Liquidation Issues
  • Individual Reorganization Bankruptcies: Chapter 13 and Chapter 11

The Bankruptcy Handbook for Franchisors and Franchisees is an essential reference to all parties in the franchise and distribution industries, whether dealing with financial distress, themselves, or dealing with other parties in financial distress. Foley & Lardner LLP is proud to have been an integral part in developing this scholarly – and practical – resource. For more information, click here.

Contributor

Foley & Lardner LLP looks beyond the law to focus on the constantly evolving demands facing our clients and their industries. With over 1,100 lawyers in 24 offices across the United States, Mexico, Europe and Asia, Foley approaches client service by first understanding our clients’ priorities, objectives and challenges. We work hard to understand our clients’ issues and forge long-term relationships with them to help achieve successful outcomes and solve their legal issues through practical business advice and cutting-edge legal insight. Our clients view us as trusted business advisors because we understand that great legal service is only valuable if it is relevant, practical and beneficial to their businesses.

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