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Chapter 7 Representation of Trustee

A converted Chapter 11 case for two debtors who between them employed several hundred employees. The largest secured creditor was owed approximately $30 million. This representation involved a number of complex matters. For example, immediately it was necessary to terminate a self-funded health plan and oversee the unwinding of that health plan. In addition, Verrill is in the process of coordinating the termination of two 401(k) profit sharing plans. Counsel also negotiated an agreement with the largest secured creditor to allow the Trustee to conduct asset sales of the tangible assets of both Debtors. Counsel is now coordinating the collection of accounts receivable. In addition, a seven-figure dispute with an insider relating to the perfection of its claimed consignment interest in inventory of one of the Debtors is now the subject of a pending adversary proceeding. Numerous employee claims are in the process of being evaluated and addressed arising from the Debtors' decision to terminate virtually all of their employees prior to conversion of the cases. Verrill is also evaluating a number of claims against insiders, and it is anticipated that claims arising under Delaware law will be pursued.

In representing the Trustee in this matter, Verrill sought the assistance of attorneys in the Employee Benefits & Executive Compensation Group relating to what has been described by the administrator for the 401(k) profit sharing plans as the largest plan termination matter being handled by her company right now.

The work for the Trustee in the Wood Structures case is ongoing and will not be completed for some time.

Firm Highlights

News

35 Verrill Attorneys Named 2020 Super Lawyers and Rising Stars

(November 9, 2020) – The 2020 edition of New England Super Lawyers and Rising Stars© has recognized a total of 35 Verrill attorneys for excellence in their individual areas of practice. Only the top...

Publication/Podcast

The SECURE Act

Click here to view as a PDF. The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) is the most far reaching new law affecting retirement benefits in more than...

Blog

COVID-19 Extension Guidance Makes the Interplay Between COBRA and Medicare (a Bit) Trickier

The rules concerning the interplay between COBRA and Medicare are a frequent source of confusion for employers. The spike in retirements, layoffs, and furloughs attributable to the coronavirus pandemic has produced an environment where...

Blog

New IRS Guidance Will Help Facilitate 403(b) Plan Terminations

With the publication of Revenue Ruling 2020-23 , the IRS completed a cycle of helpful guidance regarding the termination of 403(b) plans that began with the publication of regulations under Code Section 403(b) in...

Blog

401(k) Plan Sponsors – Time to Focus on Compliance with the SECURE Act’s Eligibility and Vesting Rules for Long-Term, Part-Time Employees

As noted in our January 7, 2020 Client Advisory , the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) requires 401(k) plans to allow certain long-term, part-time employees to...

Publication/Podcast

Congress Passes Emergency Paid Leave Laws in Response to Coronavirus Pandemic

On March 18, Congress passed and the President signed into law the Families First Coronavirus Response Act , a temporary measure designed to increase the availability of paid leave during a time when many...

Publication/Podcast

December 2019 Client Advisory

Click here to view as a PDF. This Client Advisory highlights important developments in the law governing employee benefit plans and executive compensation over the past year. It offers insight into what these developments...

Blog

IRS announces 2021 plan limits

The IRS has announced adjusted benefit plan limits for 2021. These adjustments reflect inflation, and are important for administrators of employee retirement and health plans. The limit on 401(k) and 403(b) plan elective deferrals...

Publication/Podcast

2020 Annual Employment Law Update Materials

On Thursday, January 30, members from Verrill's Employment & Labor group, as well as some from the Employee Benefits & Executive Compensation group, conducted a full-day seminar full of employment law related topics that...

News

Nearly 80 Verrill Attorneys Recognized by Best Lawyers® 2021, Including a Dozen Named Lawyers of the Year

(August 24, 2020) – Nearly 80 Verrill attorneys were recognized as "Best Lawyers" by Best Lawyers® 2021 , including 12 attorneys named “Lawyer of the Year,” a distinguished recognition for only a single lawyer...

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