5 Common Misconceptions About the Chapter 11 Bankruptcy Process

It has been yrs given that businesses submitted for Chapter eleven personal bankruptcy defense at the speed they are these days. In accordance to data from Epiq Devices, business Chapter eleven filings had been up forty eight% in Could in comparison with a single calendar year back, with a whole of 724 new petitions. The surge in filings comes as minimal surprise, as the COVID-19 pandemic is hitting a lot of sectors of the financial system, specifically retail and hospitality, hard. 

Chapter eleven personal bankruptcy was a household phrase a 10 years back, as businesses sought refuge from the fallout of the money crisis. But it is creeping back into our collective consciousness. In spite of its ubiquity in the headlines, there are frequent misconceptions about what Chapter eleven implies and what the method entails. As a final result, some understand Chapter eleven as a fix-all for troubled organizations, even

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CFOs On the Move: Week Ending June 5

David Cherechinsky

David Cherechinsky, who has served as main monetary officer at DistributionNOW due to the fact 2018, was promoted to main government officer at the industrial materials organization. Just before getting CFO, Cherechinsky served as the company’s main accounting officer. Just before that, he was vice president of finance for the NOV distribution and transmission business enterprise section. He commenced his job at NOV in 1989. Cherechinsky takes over for Dick Alario, a recent board director who stepped in as interim CEO in the course of a management changeover in November 2019.

Monish Patolawala will come to be CFO at 3M on July one. Patolawala at this time functions at GE Health care, where he has served as main monetary officer of the close to $17 billion business enterprise due to the fact 2015. Patolawala joined GE in 1994, taking management roles of rising duty. Patolawala succeeds Nick

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