As it enters its 20th year of business, DelCotto Law Group is honored that two of its attorneys have received the prestigious “Lawyer of the Year” awards in bankruptcy for 2024 for Lexington, Kentucky.  Dean Langdon was named Best Lawyers® 2024 Bankruptcy “Lawyer of the Year” in the 30th Edition of The Best Lawyers in America© in the practice area of Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law.  Laura Day DelCotto was named 2024 “Lawyer of the Year” in the practice area of  Litigation – Bankruptcy.  While both Dean and La ..read more

What a settlement agreement is A settlement agreement is a type of legal contract that concludes a dispute and provides evidence of parties agreeing to material terms – essential and inducing elements of the contract – and conditions resulting from negotiations.  It is legally binding and primarily used in civil matters, but not exclusively. By agreeing to a settlement, disputes are settled much more swiftly than in a court case, which can be long drawn out. This practice saves clients time and money by avoiding a potentially lengthy trial. How to enforce a settlement agreement One of the ..read more

The first quarter of 2023 saw all forms of commercial bankruptcies increase. Filings reaching 5,733 were significantly more than the 4,808 business bankruptcies during the previous year’s first quarter. Even more alarming is the 77 percent increase in Chapter 11 filings, reaching 1,302 during the initial quarter of this year. The exact time last year saw 735. In the category of Subchapter V, small business elections, at 280 in the first quarter of last year, increased 33 percent to 371 filings. Overall commercial filings are up to nearly 80 percent. Consumers also feel the pain This growth is ..read more

Debtor-in-possession financing can be a lifeline to struggling companies in Kentucky who are trying to remain solvent. Also known as DIP, this method can help your company avoid an impossible financial situation when it loses its means of traditional financing or finds it impossible to get new loans. How does DIP financing work? DIP financing can occur when a business files for Chapter 11 bankruptcy. This bankruptcy type focuses on reorganization over liquidation, with bankruptcy law outlining financing guidelines that benefit the borrower and the lender. It can only occur when a lender believ ..read more

You no doubt worked long and hard to build your Kentucky business from the ground up. Whether you sell a specific product or provide a service, if you’ve been in business for several years or more, you’ve likely encountered financial challenges at some point. Most business owners do. When debt begins to increase, and efforts to overcome financial crisis are not working, it may be time to explore additional options, such as the debt restructuring that the Chapter 11 bankruptcy program offers. Any number of issues may have sparked your company’s financial woes, including bootstrapping most of yo ..read more

Many sports fans in Kentucky and around the country watch professional baseball, basketball and hockey on networks operated by Diamond Sports Group. The broadcaster’s regional networks own the rights to air games played by about half of the Major League Baseball, National Basketball Association and National Hockey League teams, but those relationships are now in jeopardy. That is because Diamond Sports Group filed for Chapter 11 bankruptcy on March 14. Mounting debts Diamond Sports Group purchased its portfolio of regional sports networks from The Walt Disney Company in 2019 for $10.6 billion ..read more

By Cameron J. Gartland & Michael J. Gartland In the event of a breach of a real estate purchase and sale agreement, there are a few legal terms and nuances to know before diving head-first into resolving the issue. What is specific performance? Specific performance is a legal remedy awarded to the plaintiff where money damages are deeded inadequate to make the plaintiff whole. From the perspective of one who agrees to purchase a parcel of real estate, a lawsuit for specific performance requests that the court order the seller to close on the sale of the property under the threat of civil c ..read more

Chapter 12 of the United States Bankruptcy Code, in its design, helps family farmers in Kentucky who are facing financial hardship. It allows them to restructure their debt in a way that helps them keep their farm or fishing operation while they get back on their feet. Chapter 12 is like Chapter 13, but it provides more generous terms for debtors with a higher income level from farming or fishing operations. Eligibility for Chapter 12 Eligibility for Chapter 12 bankruptcy requires that a farmer must have a regular and significant income from farming or fishing operations, and most of their deb ..read more

Bed Bath & Beyond operates hundreds of retail stores in Kentucky and across the country, but they have an uncertain future. Brick-and-mortar retailers have faced several challenges in recent years, but the most damaging has been the surging popularity of online stores like Amazon. Radio Shack, Sears, Pier 1 Imports and Linens ‘n Things have all filed for bankruptcy in recent years, and many experts believe that Bed Bath & Beyond could be next major retailer to close its doors. Turnaround strategy Falling sales and dwindling profits prompted Bed Bath & Beyond to pursue a ruthless co ..read more

If your business is facing financial troubles and you’re thinking about Chapter 11 bankruptcy in Kentucky, you’ll need to appoint a trustee. This individual will be responsible for overseeing the bankruptcy proceedings and ensuring that they are carried out in accordance with the law. Chapter 11 trustee responsibilities Since a Chapter 11 bankruptcy often results in the company continuing to operate, the responsibilities of the Chapter 11 trustee typically involve protecting creditors and ensuring fairness in the proceedings. Once appointed, they will start by verifying the business’s financia ..read more