Creditors' Rights & Collections Vedder Service
The Vedder Price Creditors’ Rights and Collections group represents creditors throughout the United States to enforce their rights against defaulted lessees, borrowers and other contracting parties.
We handle all aspects of collection matters, from out-of-court workouts through litigation and collection of judgments, and in bankruptcy and receivership actions. In connection with prosecuting breach-of-contract actions, Vedder Price attorneys regularly seek and enforce prejudgment collection remedies so that clients can retrieve and liquidate leased equipment and collateral as quickly as possible. We aggressively and efficiently pursue collection of money damages in conjunction with the retrieval of medical equipment, machinery, aircraft, vehicles, maritime assets and other types of collateral and leased equipment. In addition, our attorneys handle a wide range of unsecured collection matters, including collection of employee benefit plan contributions under ERISA and under collective bargaining agreements, and collection for goods sold and for services rendered (professional as well as other types of services). Vedder Price creditors’ rights and collections attorneys also regularly represent large commercial mortgage holders in restructures, refinancings, foreclosure litigation and bankruptcy matters. Moreover, our nationally prominent lending and leasing groups assist in documenting the sale or re-leasing of retrieved leased equipment and collateral.
The Vedder Price Creditors’ Rights and Collections group’s experience also includes the representation of clients in collection matters relating to prejudgment replevin applications, judgments, workouts, settlements and restructures throughout the United States (including Hawaii), Puerto Rico and Canada. In addition, our attorneys often negotiate agreements between clients and defaulted borrowers and lessees prior to or shortly after filing a lawsuit. These agreements regularly contain consent judgment and possession order provisions that are triggered upon a default of a restructured obligation, which provide our creditor clients the ability to explore voluntary repayment of a debt while reducing risks in the event of a further default by the borrower or lessee.
In addition, Vedder Price Creditors’ Rights and Collections attorneys represent financial institutions, investors, investment funds, lenders, secured creditors, equipment leasing companies and other suppliers and service providers in the maritime sector in the following key areas: the recovery, foreclosure, disposition and exchange of distressed maritime assets, including vessels, containers and marine terminal assets; domestic and cross-border bankruptcies and insolvencies; and the negotiation and workout of marine debt financings and covenants. We are also experienced in navigating critical commercial contracts, including charter parties, finance and operating leases, shipbuilding contracts and marine terminal contracts.