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Municipal Fiscal Distress: A Creditor’s Rights Under Bankruptcy Law
Webinar
11 AM CT
Speaker: Clayton Gillette
Duration: 1 hour
Pricing:
$299 - Live, Download or CD
$249 - (for Affiliation Members)
$349 - Live + Download or Live + CD
Municipalities face fiscal distress in numbers not seen in several decades. Even if predictions of mass municipal bankruptcies do not materialize, numerous localities will have difficulty meeting obligations to creditors and employees while maintaining current tax and service levels. States have already imposed financial control management for numerous cities, and more state intervention can be expected.
In the face of these difficulties, this webinar will help you understand the relationship between municipalities and creditors in a variety of settings, enabling you to know what you can or cannot do under the circumstances. In particular, the webinar will address the following issues:
- Under what circumstances can a municipality seek “bankruptcy” protection under federal law?
- What rights do municipal creditors have in a bankruptcy proceeding?
- Do bankruptcy courts make financial decisions for a municipality in bankruptcy?
- Can creditors require municipalities to increase taxes or reduce services in order to pay debt service?
- Do state statutes require municipalities to pay creditors before making other payments?
- What rights do municipal creditors have if a municipality defaults on its debts?
- What happens to a municipality’s obligations when the state takes over local operations?
BIO: Clayton Gillette
Clayton P. Gillette is a co-author of Payment Systems and Credit Instruments, a leading casebook on this subject, and the author of the Deposit Fraud Protection Manual and of multiple articles concerning payments law and other areas of commercial transactions. He is the Max E. Greenberg Professor of Contract Law at New York University School of Law, where he teaches commercial law. Professor Gillette has also served as an expert witness and consultant in matters involving the use of fraudulent negotiable instruments.
Professor Gillette received his B.A. from Amherst College magna cum laude in 1972 and his J.D. magna cum laude in 1975 from the University of Michigan School of Law. After graduation from law school, Professor Gillette served as a clerk to the Honorable J. Edward Lumbard of the United States Court of Appeals and was associated with the Manhattan office of Cleary, Gottlieb, Steen and Hamilton. He has served on the faculty of the University of Virginia, and prior to that was Associate Dean, Professor of Law, and Warren Scholar in Municipal Law at Boston University School of Law. He has also served as a visiting professor of law at New York University School of Law and the University of Michigan School of Law.
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