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Bankruptcy Issues During COVID

In this episode of the Forensic Perspectives podcast, host Mark Gottlieb, interviews Andrew Silfen, the Managing Partner at Arent Fox. Andrew talks about the economic impact of COVID, the disconnect between the economy and the market and the importance of taking a micro approach to business.

Episode Highlights:

  • What’s the main issue that Andrew can point to that has been currently adding to the strife of businesses? (2:19)
  • Andrew shares the disconnect between the economy and the market. (5:09)
  • Andrew shares why people should take a micro approach rather than a macro approach when it comes to business. (8:18)
  • Andrew shares what PPP is all about. (13:06)
  • Does Andrew think that the government will come out with a different type of program to assist? (16:16)
  • Does Andrew have a checklist for his clients to assess where they are? (18:19)
  • Andrew talks about the often overlooked subchapter five. (23:44)
  • Andrew mentions the tragic outcome of the pandemic, from an economic perspective. (31:23)

Key Quotes:

  • “What you see is the large companies that have the ability to access tools, bankruptcy, finance, restructuring advisors, to make changes, to position themselves to ride through this and to come out the other side even stronger. So it’s sort of is an inconsistency in the economy, and a complete lack of correlation between the market economy and business.” – Andrew Silfen
  • “It’s best to get your accountant, your financial advisor. You turn around the person, you’ve a restructuring lawyer in place to guide you, and help you as best you can. After that, you have to look at it yourself, and almost play war games in your business.” – Andrew Silfen
  • “There’s no reason to believe that we can’t get out of all this, it’s going to be hard. But what you can say to your clients, and the lawyers that are listening to this is inactivity is the worst thing that you can do. You know, you’ve got to have strategic planning, strategic action for your clients with the right advisors and taking the right steps if you want to be viable and survive.” – Andrew Silfen

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