Chris Holman welcomes David R. (Dave) Russell – Foster Swift Collins Smith, PC, Lansing, with 6 offices across Michigan.
Dave and Chris discuss legal insights on troubled assets, disputes and exit strategies in business and construction. #LegalTips in the YouTube video below:
In their discussion they covered numerous topics including:
- What are Troubled Assets/Troubled Projects/Business Ventures?
- Loans
- Construction projects
- Business venture underwater
Ownership disputes
- What are Common Causes in Construction Projects/ Business Ventures?
- Defective Workmanship:
- Financial Issues:
- Contractual Disputes:
- Regulatory or Permitting Problems:
- Shareholder/Member Disputes
- Tell us about Implementing Strong Contractual Safeguards and Exit Strategies?
- Good contracts – spend money on the front end with attorneys for good documents
- Operating Agreements
- Exit Provisions
Clauses that cover litigation
- How can distressed assets/projects be preserved during litigation?
- Consider Injunctions
- Receivership
- Forced dissolution of company
- Good legal counsel can help look for the most efficient way forward – think outside the box
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