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Franchisee Chapter 11: A Primer for Franchisors
With the American economy softening, franchisors are increasingly worried about the financial health of their franchisees. Oftentimes, troubled franchisees will seek refuge in the bankruptcy courts, hoping to reorganize their business affairs under Chapter 11 of the Bankruptcy Code (the 'Code').
Chapter 11 bankruptcy filings by existing franchisees present complex challenges for franchisors. Upon a filing, a franchisor confronts financial recovery of outstanding amounts due; quality concerns; preservation of system integrity and the protection of intellectual property; and the risks and rewards of a potential continued business relationship with a post-bankruptcy franchisee. Occasionally, a franchisor could even be subject to an attempt to assign the franchise agreement to a third party without regard for the franchisor's approval. Certainly, these myriad issues present potential pitfalls for the unwary, but managed properly and efficiently, a Chapter 11 filing by a franchisee may provide opportunity for the vigilant franchisor.
Is the Franchise Agreement Property of the Bankruptcy Estate?
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.