The Proceedings of Chapter 11 Bankruptcy, by Nancy L. Kourland

Chapter 11 bankruptcy, or the production of a plan to allow a business to reorganize for the purpose of paying off its creditors, is often a better option for businesses experiencing difficulties than liquidation because it produces higher revenue overall than the immediate sale of all assets.

A business that has declared Chapter 11 bankruptcy has a complicated task ahead. It must produce a comprehensive list of both its assets and debts, which is made available to creditors. A plan of repayment must be created and then voted on by the creditors. If both the list and plan are approved by the court, the bankruptcy is confirmed and the plan must be carried out.

Chapter 11 bankruptcy can often be a difficult process, and there are many finer details including restrictions on the functions of the business, potential mismanagement, and details of further actions open to the business. For anyone considering filing for bankruptcy, it is advisable to contact a lawyer for detailed advice.

About the Author: An Associate at Rosen & Associates, P.C., Nancy L. Kourland specializes in the representation of both debtors and creditors in Chapter 11 cases. Nancy L. Kourland has an extensive background in in-depth legal research as well as all practical aspects of Chapter 11 cases.

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Nancy Kourland

New York-based Attorney Nancy L. Kourland currently serves as a Senior Associate at Rosen & Associates, P.C., where she often represents debtors and creditors in workouts and chapter 11 cases. With extensive experience in complex legal research and writing, Nancy L. Kourland handles prosecution, appeals, asset sales, disclosure statements, and claims administration. Additionally, she maintains regular contact with clients and other counsel, while also focusing on bankruptcy and district court appearances. Prior to earning her Juris Doctor, Nancy L. Kourland attended Barnard College in New York, where she studied ancient studies and Latin. In 1984, she graduated magna cum laude with a Bachelor of Arts, earning many accolades, including consistent placement on the dean’s list and departmental honors. She then enrolled in the New York University School of Law. While there, she joined the staff of the Journal of International Law and Politics, functioning as both a staff member and an Articles Editor. Additionally, Nancy L. Kourland served as a Research Assistant for a year as well as a Teaching Assistant for a class called Civil Procedure. After graduating law school in 1987, Nancy L. Kourland joined the firm of Kronish, Lieb, Weiner & Hellman, LLP as an Associate in the bankruptcy department, where she garnered experience with chapter 11 cases. She held similar roles with Levin & Weintraub, Crames & Edelman and Kramer, Levin, Kamin, Nessen & Frankel. In 2008, she joined Satterlee Stephens Burke & Burke as a Contract Attorney and represented clients in the cases of Tricom, S.A, CardSystems Solutions, and Lehman Brothers Holdings, Inc. In addition to practicing law, Nancy L. Kourland contributes her time to the Central Park Conservancy and the Carnegie Hill Neighbors, an organization dedicated to keeping the Carnegie Hill neighborhood a clean and satisfying place to live. She also donates to New York’s public radio station, WNYC, and the Public Broadcasting Service (PBS).

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