Learn legal strategies and best practices available for use when working with financially-troubled suppliers.
The economic ripple effects of COVID-19 have caused an increase in financial distress for many companies. When we think of financial distress, our first thought is often about customer defaults. But your suppliers' financial problems can quickly become your own, creating supply chain disruptions and saddling your business with additional costs. This topic offers proactive steps for determining if you have suppliers in distress and explains legal strategies and best practices available for use when working with financially-troubled suppliers. This material will also discuss how to prepare for the potential bankruptcy of a supplier and your potential options and rights in the case that a supplier seeks bankruptcy protection.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Risks Presented by Distressed Suppliers
- Barriers to Resourcing
- Costs of Resourcing
- Special Issues for Certain Industries
Supplier Review
- Determine Key Suppliers
- Steps to Review Suppliers
- Difficulties in Obtaining Financials
- Credit Reporting
- Quality and Warranty Programs
- Access to Facilities and Inspection Rights
- Other Information Sources and Red Flags
Contractual Terms and Conditions
- Contract Requirements
- Ability to Transition and Time Requirements
- IP, Tooling and Equipment Issues
Adequate Assurance for Critical Supplier
- UCC 2-609
- Potential Issues and Drawbacks in Demand for Adequate Assurance
Modifying Contractual Terms
- Timing
- Leverage
Other Pre-Bankruptcy Strategies
- Parts Bank
- Re-Sourcing
- Financial Support With Access and Accommodation Arrangement
Strategies During Supplier Bankruptcy
- Understanding the Automatic Stay
- Monitoring Supplier's Bankruptcy
- Supplier Rights to Assume or Reject Contracts
- Actions That Do Not Violate the Automatic Stay
- Bankruptcy Court Assistance
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Credit
More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on February 25, 2021.
Call 1-866-352-9540 for further credit information.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Jonathan E. Lauderbach
Warner Norcross + Judd LLP
- Executive partner at Warner Norcross + Judd LLP
- Focuses on commercial and bankruptcy litigation
- 26 years of experience as an attorney
- Represents creditors and creditors’ committees in Chapter 11 cases, in industries such as automotive, hospitality and lodging, wine and spirits, tool and die, and real estate
- Represents clients in both bankruptcy and non-bankruptcy supply chain disputes, in diverse industries such as automotive supply, chemical manufacturing, food processing and distribution, and construction equipment
- Negotiates and enforces accommodation agreements, forbearance agreements, loan restructurings and liquidations, and sales pursuant to the Uniform Commercial Code
- Prosecutes and defends lawsuits involving claims of fraud and fraudulent transfers, preferential transfers, non-dischargeability and the validity and priority of claims or interests
- Currently chair of the Michigan Supreme Court’s Attorney Discipline Board
- Frequent speaker on topics such as supply chain, intellectual property, fiduciary duties and corporate governance
- Served as a Circuit Judge for Midland County, Michigan prior to opening Warner’s Midland office in 2013
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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