FOR IMMEDIATE RELEASE
Northampton, MA, June 9, 2020– Second Wind Consultants presents a better alternative to bankruptcy, providing relief for companies.
Second Wind Consultants, a debt consultant, helps companies avoid foreclosure. With a focus on business consultancy, Second Wind Consultants has a reputation for preventing closures. They also specialize in serving both large and mid-sized companies.
According to the company, “we have a tool with the power to spare hundreds of thousands of American businesses and millions of jobs, without bankruptcy and without federal rescue. That tool is Article 9 of the Uniform Commercial Code. If understood and utilized in its full scope, UCC Article 9’s ability to preserve distressed American businesses could literally save the US Economy.
UCC Article 9 offers an alternative to bankruptcy or closure, that resolves liabilities while preserving the business operations themselves – and the jobs. Its potential impact on American recovery would dwarf even the most ambitious relief or stimulus package. The problem? In a cultural landscape dominated by the bankruptcy and debt industries, it remains unknown to most business owners and policymakers.
Many professionals are familiar with UCC Article 9 as a liquidation tool that provides for the bank’s private sale of ‘dead’ business assets in the wake of default and failure. But far more importantly, it can be deployed as a business preservation tool – whereby the bank sells the assets of a business while it is still operational. As standard procedure in a liquidation, the bank sells the assets of a defaulting business to recover what it can. But, via UCC Article 9, those business assets can be liquidated while operational, with the saving grace of passing the business operation itself into a new debt-free purchasing entity, under new ownership – thus preserving the economic activity and jobs. All without bankruptcy, lawyers, or the usual pitfalls of distressed situations.
When seen in this light, UCC 9 has the potential to reshape how debt and distress are dealt with across the entire economic landscape – and to undo most of the broken and devastatingly destructive inefficiencies of the bankruptcy system and the bankruptcy industry.
With an almost unimaginable number of business failures impending, leveraging UCC Article 9 as a preservation mechanism might be viewed as tantamount to the greatest economic recovery and stimulus initiative ever conceived. And it would need not come in the form of capital injection, but rather as its mirror image- preservation.
As a result of using UCC Article 9 in this way, all parties win: A business owner was spared a bankruptcy while preserving the possibility of earning within the new business through employment, earn-out or consultancy agreement – and now has the means to resolve their liabilities on the old business, while avoiding financial ruin.”
Name: Robert DiNozzi
Organization: Second Wind Consultants
Address: Second Wind Consultants, 136 West Street, Northampton, MA 01060