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Program Description

Guarantees, Surety Bonds and Letters of Credit in Bankruptcy: Traps for the Unwary




Approved for CLE credit in: AK,AZ,CA,ME,MO,ND,NJ,NY,WV

This program will cover the rights and obligations of parties to guarantees, surety bonds and letters of credit when the principal obligor becomes the subject of bankruptcy proceedings. The discussion will encompass issues such as the impact of the automatic stay on the rights of beneficiaries and obligees to pursue claims against guarantors, sureties and letter of credit issuers; the affect of recoveries from third parties on the remaining claim against the debtor; the potential for avoidable transfer liability associated with indirect preferences; and the competing rights of parties to excess proceeds of guarantees, surety bonds and letters of credit.

Provided By: New York City Bar


Introduction & Overview

Effect of bankruptcy on claims against letter of credit issuers, sureties and guarantors

  • Overview of rights, obligations and defenses of the parties to letters of credit, surety bonds and guarantees
  • The automatic stay and the bankruptcy court's injunctive powers

    Competing claims to the proceeds of a letter of credit, surety bond and guarantee

  • Preferences
  • Fraudulent transfers
  • Entitlement to excess proceeds

    Claims against the debtor

  • Calculating the creditor's underlying claim
  • Caps on damages
  • Claims of the issuer, surety and guarantor for reimbursement and subrogation

    Avoiding the traps

  • CLE Credit Information

    Click on the state abbreviation to find the CLE Credit Information for your state.

    This program is has been approved for credit in AK,AZ,CA,ME,MO,ND,NJ,NY,WV

    Experienced attorneys only (non-transitional)

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    Panelist Biographies


    Moses & Singer

    Mark N. Parry is a partner at Moses & Singer and co-chair of the firm's Reorganization and Bankruptcy group. He has extensive experience in bankruptcy, insolvency and creditors' rights, and has represented numerous clients before various United States District Courts and Bankruptcy Courts in connection with proceedings under both Chapter 7 and Chapter 11 of the Bankruptcy Code. His experience includes the representation of secured and unsecured creditors, holders of public debt, indenture trustees, and official committees of unsecured creditors. In addition, he has participated in a wide variety of litigation in federal and state courts involving fraudulent conveyance actions, breaches of fiduciary duty, secured and unsecured financings, letters of credit, foreclosures and the enforcement of guaranties. He has significant experience with regard to the duties of corporate directors under Delaware law. Mr. Parry is a member of the American Bar Association, New York State Bar Association and The Association of the Bar of the City of New York. Mr. Parry received his J.D., cum laude, in 1982 from Cornell University Law School, his M.A. in 1978 from Columbia University and his B.S., magna cum laude, in 1976 from University of Utah.


    Bingham McCutchen

    Stephen M. Hryniewicz, counsel at Bingham McCutchen LLP, concentrates his practice on insurance companies and insurance company regulators in transactions, restructurings and insolvencies. Mr. Hryniewicz has represented the domiciliary receivers of Covenant Mutual Insurance Company, First Connecticut Life Insurance Company, Midland Insurance Company, Suburban Health Plan, Inc., and Westbrook Insurance Company, the ancillary receiver of American Mutual Liability Insurance Company and American Mutual Insurance Company of Boston, and the trustee of PRS Insurance Group in Chapter 11 proceedings of an insurance holding company and its subsidiaries, including offshore reinsurance companies. He also has represented state insurance regulators in restructurings of troubled insurance companies, including ACA Financial Guaranty Corporation. Mr. Hryniewicz is admitted to practice in Connecticut, U.S. District Court, District of Connecticut and U.S. District Court, Southern District of New York. Mr. Hryniewicz received his Juris Doctor, with honors, in 1999 from University of Connecticut School of Law and his Bachelor of Arts, cum laude, in 1995 from University of Notre Dame.

    Steven Wilamowsky

    Bingham McCutchen

    Steven Wilamowsky is a partner in the Financial Restructuring Group of Bingham McCutchen LLP in New York. Mr. Wilamowsky specializes in bankruptcy and has represented debtors, individual creditors, DIP lenders, creditors¿ committees, landlords, plan sponsors, foreign debtors, and purchasers of assets of distressed companies. Mr. Wilamowsky was a partner at Willkie Farr & Gallagher LLP until he joined Bingham McCutchen in January 2007. Prior to joining Willkie Farr as an associate in 1996, he served as law clerk to the Honorable Tina L. Brozman in the United States Bankruptcy Court for the Southern District of New York. Mr. Wilamowsky has had a lead role in numerous complex restructuring and acquisition matters on behalf of clients, and in April of this year was one of only twelve individuals honored as an "Outstanding Young Restructuring Lawyer" in a special report of Turnarounds & Workouts magazine. Mr. Wilamowsky is also active in numerous pro bono and public service matters. He is an active participant in the public service C.A.R.E. Program (www.careprogram.us), having presented dozens of classes in New York-area public and private high schools and colleges about the danger of consumer credit abuse. He also is active in the Bankruptcy Assistance Project, parallel pro bono programs that are cooperatively administered by the New York City Bar Association and Legal Services of New York, and as part of that program he has provided advice and assistance to numerous indigent individual debtors. In addition, Mr. Wilamowsky has presented numerous continuing legal education classes in a variety of fora, including here at the New York City Bar Association.

    No bundle available.
    Pricing Information

    Guarantees, Surety Bonds and Letters of Credit in Bankruptcy: Traps for the Unwary



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