How does one go bankrupt? Two ways — gradually and then suddenly.
(Paraphrase of Hemmingway, by way of CFTC Chairman Heath Tarbert)
USA, Banking, Derivatives, Insolvency & Restructuring, Sidley Austin LLP, Coronavirus, Commodity Futures Trading Commission (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Title 11 of the US Code
The good news is that public works construction projects for municipalities are projected to remain a major sector of construction activity for the foreseeable future. The not-so-good news is that municipal bankruptcy filings are on the rise, and they are likely to increase. The issues facing parties under contract with a municipality when it files for bankruptcy protection are playing out nationally in places like Stockton, California, and Detroit, Michigan.
USA, Insolvency & Restructuring, Projects & Procurement, Duane Morris LLP, Bankruptcy, Title 11 of the US Code