McKenna Storer attorneys have expertise in a wide variety of lending issues including loan documentation, SBA loan documentation, all phases of workout, lender liability, commercial loan issues and lender representation in bankruptcy. When necessary, they are ready to litigate any issues that may arise from loan origination through loan enforcement, including collection and foreclosure.
Our attorneys work closely with our clients to understand their particular needs and challenges. They provide counseling to help develop effective cost strategies to implement each client’s objectives.
During economic hardships, small businesses may need to utilize the oft option of filing for bankruptcy protection to reorganize their debt. Bankruptcy often is considered a last resort option. Yet, it provides a powerful mechanism for individuals and small businesses to reorganize and manage their debt. The Small Business Reorganization Act of 2019 (“SBRA”) added Subchapter V to chapter 11 of Bankruptcy Code to further assist qualifying businesses with debt relief. 11 U.S.C. §§ 1181-1195. The Debtor friendly provisions added to the Bankruptcy Code with Subchapter V of chapter 11, make reorganizing debt a more streamlined and less expensive process for small businesses.
Since January 1, 2020, the Illinois Cannabis Regulation & Tax Act has legalized the production, sale, transport and consumption of recreational cannabis. The Illinois Cannabis Regulation and Tax Act also legalized banking for Cannabis Related Businesses (CRB’s) in Illinois, stating that financial institutions assisting CRB’s, such as banks or credit unions, are exempt from state criminal laws.
While many lenders, especially SBA Lenders, shy away from Illinois Land Trusts, they actually have benefits for the secured and mortgage lender. Once the Lender takes an assignment of beneficial interest in a land trusts, the Lender has positioned itself to have more control over the collateral and ease of liquidation after default.Continue Reading