We have consistently achieved favorable returns for creditors while avoiding the time-consuming and expensive costs of a bankruptcy case.
We are sensitive to the unique needs of each stakeholder in a failing business.
Because the WARN Act applies only to "employers" that are " business enterprises," the court held that the debtor-hospital was not liable for back pay to employees under the WARN Act for having failed to give its employees 60 days' notice. However, for an employer experiencing extreme financial difficulties and contemplating a Chapter 11 filing, the uncertainties of business and financial considerations often make it impossible to give employees the full 60 days' notice.
1999), likewise recognized that the status of "liquidating fiduciary" could relieve a debtor-in-possession from WARN Act liability, but nevertheless found the retailer liable under the WARN Act because, six days prior to filing its Chapter 11 petition in the Bankruptcy Court, it had 1) decided to liquidate, 2) identified all of the employees who would lose their jobs in the layoff, 3) determined the schedule of terminations in the layoff, and 4) commenced terminating employees as part of the layoff.
Our specialists will also handle any formal duties, such as publication of the notice to creditors in the Swiss Official Gazette of Commerce and the filing with the Companies Registry of the winding-up of the company which is necessary for the liquidation.