Preti Flaherty’s Creditors' Rights & Bankruptcy Group knows that businesses and individuals face a wide range of financial issues, and we take pride in partnering with our clients to solve these problems by providing creative and cost-effective solutions. We provide our clients with high-quality, responsive legal support and trusted guidance in all aspects of the debtor/creditor relationship, both in and out of court. We represent creditors and trustees in bankruptcy proceedings under all chapters of the United States Bankruptcy Code. 

A Wealth of Knowledge

Preti Flaherty’s Creditors' Rights & Bankruptcy Group is one of the most experienced in New England. Our team has decades of experience representing and supporting our clients in all aspects of the debtor-creditor relationship, including:

  • Negotiating and preparing workout, loan restructuring, and forbearance/modification agreements
  • Repossessions and dispositions of personal property collateral
  • Replevin actions
  • Residential and commercial foreclosures and mortgage-related litigation
  • Evictions
  • Ancillary title disputes
  • State court receiverships
  • Assignments for the benefit of creditors
  • Enforcement of notes, guarantees, and related obligations
  • Creditor and trustee representation in bankruptcy proceedings
  • Buyer and seller representation in bankruptcy sales

Led by co-chairs Greg Moffett and Tony Manhart, and backed by the full force of a seven-time Benchmark Litigation “Firm of the Year,” members of our insolvency group have represented clients in the bankruptcy courts of 11 states. This breadth of experience enables us to confidently navigate the bankruptcy process for our clients in all matters arising under the Bankruptcy Code. Among our bankruptcy attorneys we have a Chapter 7 Trustee for the District of Maine, an adjunct professor of bankruptcy law, and several attorneys ranked as “Best Lawyers in America” by Woodward/White and Super Lawyers. Our attorneys are actively involved in industry groups including the New Hampshire and Maine Bankers Associations, the American Bankruptcy Institute, and the Turnaround Management Association and are frequently called to speak before these groups.

Finding Creative Solutions

With our multi-disciplinary approach, we are able to draw on the experience of Preti Flaherty’s other practice groups to reach innovative solutions, such as our business law team’s frequent assistance with organizing sale and restructuring agreements. Outside the bankruptcy arena, we regularly counsel lending clients with their day-to-day collateral, default, and loan-related concerns, and assist in negotiating and preparing workout, loan restructuring, and forbearance/modification agreements.

We also have significant experience representing lenders and institutional creditors in state receiverships, assignments for the benefit of creditors, and in the enforcement of notes, guarantees, and related obligations. 

Any complex transactional structure has the potential to become a difficult situation. By thinking deliberately different about problems, we create solutions that turn difficulty into opportunity. Resolving difficult situations is our specialty.

Firm Highlights

Publication

Bankruptcy Alert: Time's Running Out on Higher Debt Limits of the Small Business Reorganization Act

As we head in to year-end holidays and activities, the clock is ticking on the CARES Act provisions that could help businesses in financial distress and save creditors’ customers – the higher-debt limit that...

Publication

New Eviction Restrictions for Portland, Maine

On November 3, 2020, voters in Portland approved an amendment to the Code of Ordinances which will implement rent control and tenant protections.  The new Sec. 6-236 of the Code of Ordinances extends the...

News

46 Preti Flaherty Attorneys Selected by Peers for Inclusion in Best Lawyers in America 2022, Including 3 “Lawyers of the Year”

Forty-six Preti Flaherty attorneys have been named to Best Lawyers in America 2022, including four “Ones to Watch” and three “Lawyer of the Year” recipients. Inclusion in Best Lawyers in America is considered a...

Publication

What to do When a Lender Receives a Notice from the Municipality that Mortgaged Property is Going to be Condemned or is in Violation of the Building Code?

Occasionally, a lender will be served a notice from a municipality alerting the lender that a mortgaged property has had unpermitted construction projects, or otherwise violates the municipal building code. The Maine Uniform Building...

Publication

Maine’s Exemption Laws Are Changing

In March of this year, Representative Denise Tepler (D. Topsham) introduced “An Act To Increase the Value of Property Exempt from Attachment and Execution,” LD 737, which sought to dramatically change Maine’s exemption scheme. ...

Publication

Deadline for PPP Loan Applications Extended to May 31, 2021

On March 30, 2021, President Biden signed H.R. 1799, known as the “PPP Extension Act of 2021,” extending the Paycheck Protection Program (PPP) application deadline by 60 days – from March 31, 2021 to...

News

Nineteen Preti Flaherty Attorneys Selected for Inclusion in 2021 Super Lawyers

Nineteen Preti Flaherty attorneys have been selected for recognition by Super Lawyers , including eleven Rising Stars. Super Lawyers rates outstanding lawyers throughout the United States in more than 70 practice areas. Only five...

Publication

What Financial Institutions Need to Know about Maine Trustee Process

Trustee process is a form of pre-judgment remedy to secure a plaintiff’s ability to collect on the eventual judgment, costs, and interest in litigation. (Me. R. Civ. P. 4B(a)). Under Maine law, through trustee...

Publication

Changing Control in the Time of COVID: Navigating ‘Change of Ownership’ Prior to PPP Loan Satisfaction.

The Hypothetical Everyone loves a hypothetical, right? So let’s begin with one about Billy Builder: Billy Builder holds 55% of the equity in a construction business he founded way back when the fax machine...