My main practice is resolving “technical debt”, which means deficiencies in the implementation of a software product. But what about financial distress? Legal challenges?
This full-day conference was a wonderful gaze through the window of Bankruptcy. I have had clients with businesses that are irreparable (meaning the “cost to repair” would exceed the value after repair)… but normally I don’t participate in the final shareholder settlements.
Expanding knowledge around the periphery of one’s practice is a great way to continue adding value for clients.
My favorite “quote of the day” was when one lawyer addressed the room and said in a somber tone, “We all know 2021 was a terrible year for us. Government subsidies assured there would be almost no bankruptcies. And for 2022 we have all just been hanging on, waiting to see what would happen.” After a pause, he continued more hopefully, “But now that businesses must be accountable again, and rising interest rates are making it harder to refinance…” Another pause, and then in a rising crescendo he exploded with “2023 will be the best year we have had since the crisis of 2008!”
I have never seen so many people so excited about others going bankrupt.