Schafer & Weiner, PLLC

Celebrating Aubrey Carr’s Outstanding Achievement! ???? We are thrilled to share that our law clerk and future associate, Aubrey Carr, a 3L at Wayne State University Law School, and her Wayne Law Jessup team placed 4th out of 40 schools in their recent Philip C. Jessup International Law Moot Court Competition, advancing to the semi-final rounds! Not only did they qualify for the international rounds in Washington, D.C., where they will compete against teams from 99 other countries, but Aubrey also placed 10th best oralist out of 140 competitors. ?? Aubrey’s hard work, advocacy skills, and dedication are truly impressive, and we couldn’t be prouder to have her on our team. We are excited to see all that she will accomplish next! Congratulations, Aubrey! ???? #SchaferWeiner #LegalExcellence #MootCourt #Jessup

This Veterans Day, we pause to honor and thank all the brave men and women who have served in the United States Armed Forces. Their commitment, sacrifice, and courage have protected our freedoms and upheld the values we hold dear. At Schafer & Weiner, PLLC, we are especially grateful for our veteran clients, colleagues, and community members. Today, we celebrate your strength, resilience, and dedication to our country. To all who have served – thank you for your service and sacrifice. We are proud to support you, today and every day. #VeteransDay #ThankYouVeterans #MilitaryAppreciation #Gratitude #SchaferAndWeiner

?? Congratulations to Joe Grekin! ?? We are thrilled to announce that S&W attorney Joe Grekin has been appointed as Chair of the Debtor/Creditor Committee of the Oakland County Bar Association (OCBA). Joe’s extensive experience in bankruptcy and commercial litigation, coupled with his commitment to the legal community, makes him a fantastic choice to lead this committee. In his new role, Joe will work to advance discussions, educational opportunities, and initiatives surrounding debtor/creditor issues, supporting both OCBA members and the clients they serve. Please join us in congratulating Joe on this well-deserved appointment! #Leadership #BankruptcyLaw #DebtorCreditor #OCBA #SchaferAndWeiner #Congratulations

When a business faces financial distress and reorganization isn't an option, it may be time to consider dissolution. In Michigan, the dissolution statutes provide a strategic avenue to minimize claims against a troubled business. Here's a breakdown of how these statutes work: 1. What Are the Dissolution Statutes? Michigan’s Business Corporation Act (BCA) and Limited Liability Company Act (LLC Act) each include provisions on how to dissolve a business and the implications for claims against it. Upon filing a certificate of dissolution with the Michigan Department of Licensing and Regulatory Affairs (LARA), a business enters a "zombie afterlife," where it cannot operate but can collect assets, pay debts, and wind up affairs. 2. Reducing Claims Through Statute of Limitations Shortening A crucial feature of the dissolution process is the ability to shorten the statute of limitations for claims. By providing written notice to known creditors or publishing notice for unknown creditors, a dissolving business can limit its exposure to future claims. Known creditors must file claims within six months, while unknown creditors have one year from publication to bring their claims. 3. Legal Precedents and Cautions? A recent case, Drake v. Plum Hollow Lanes, illustrates the importance of properly utilizing these statutes. The court ruled that failing to notify creditors resulted in ongoing liability for claims, despite the dissolution of the business. This emphasizes the need for businesses to be proactive in managing potential claims during dissolution. 4. Conclusion The dissolution statutes offer powerful tools for minimizing liability when winding up a business. If you’re considering dissolution, consult with legal experts to navigate this complex process effectively. For more insights on navigating financial distress and dissolution, read the full article from John Stockdale, Jr. on our blog: https://lnkd.in/g6xmhDru #BusinessLaw #Bankruptcy #DissolutionStatutes