In response to the significant disruptions being wrought by the COVID-19 pandemic, the Superior Court has launched a business recovery plan designed to provide a participating company with court-supervised creditor protection using a “non-liquidating receivership” model.
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Providence’s W. Mark Russo, who along with his law partner John A. Dorsey will serve as the program coordinators, said there currently is no reason to think that a company interested in a non-liquidating receivership could not also qualify for federal stimulus efforts such as PPP.
“At the moment, we’re working to get a definitive answer on that,” Russo said.
In that spirit, he explained that part of his firm’s coordinating role will be to serve as a “clearinghouse of information” for receivers and participating businesses. The Superior Court has specified that a business will need to be represented by counsel in court proceedings, and Russo stands ready to lend a hand to those unfamiliar with receiverships or the workings of the court’s business calendar.
“If you’re an attorney representing a business and aren’t 100 percent comfortable with receivership issues, we will help get you into the program and once there we will continue to be a resource,” Russo said.
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