Bankruptcy and Reorganization Committee (11/15/23)

This is a hybrid program with a webcast and in-person option at The Chicago Bar Association (321 S. Plymouth Ct, Chicago, IL 60604). Please indicate if you will attend in-person when registering where indicated. 

TOPIC: Illinois Receivership Legislation

Receiverships have become commonplace in many jurisdictions as parties seek to avoid the expense of chapter 11 by turning to lower cost alternatives. Many states have comprehensive receivership statutes to meet this need. But that is not the case in Illinois where the receivership statute is a mere four sentences and there is no well-developed common law to fill this gap. In fact, most case law on Illinois receiverships is from the early twentieth century. Clearly, Illinois law regarding receiverships is in serious need of an overhaul. The CBA’s Receivership Legislation Subcommittee has drafted a new proposed statute to address this important topic.  At the meeting, we will discuss the proposed legislation and subsequently request that the full committee vote to support the proposed legislation for inclusion in the CBA’s 2023 legislative program.

SPEAKER(S)/ORGANIZATION:  

Allen J. Guon, Cozen O’Connor 
James P. Sullivan, Chapman and Cutler LLP
Tina L. Hughes, High Ridge Partners, LLC

(IL MCLE credit for live program only. No MCLE credit for on demand webcast.)

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