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 […]
Banking and Lending
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 […]
The incoming governor-elect of Illinois, J.B. Pritzker has promised to pass legislation that legalizes the sale and consumption of recreational cannabis in Illinois for adults over the age of 21.
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.