A troubled company often reflexively perceives a bankruptcy filing as the prototype solution to its financial distress. Bankruptcy is an important and powerful tool to address insolvency—providing for an automatic stay, the sale of assets free and clear, confirmation of a plan over the objection of...

Troubled companies often perceive bankruptcy as the only way to address their problems. However, savvy insolvency professionals know that alternatives, such as Uniform Commercial Code (UCC) Article 9 sales, assignments for the benefit of creditors (ABCs), compositions, and statutory dissolutions,...