Insights / eventsInsights
Insights / events

Presentation

State Law Receiverships as a Bankruptcy Alternative and a Necessity for Cannabis-Related Businesses

Read Time: 1 min

Receiverships under state law have become an increasingly popular and meaningful alternative to bankruptcy, specifically when there are events of fraud, misappropriations of assets, and related regulatory-body involvement.

On Wednesday, January 24, Member Heidi Urness (Seattle) will join a panel on “State Law Receiverships as a Bankruptcy Alternative and a Necessity for Cannabis-Related Businesses” during the American Bankruptcy Institute (ABI) Caribbean Insolvency Symposium in Rio Mar, Puerto Rico. The panel will examine the basics of such receiverships and, given the current state of federal law (which excludes cannabis-related businesses from bankruptcy), will use the cannabis industry as an example to discuss the details, benefits, and potential pitfalls of state court receiverships for highly regulated businesses. The panelists also will explore the Uniform Commercial Real Estate Receivership Act.

Learn more.

Insights

In the Media

McGlinchey Stafford Nabs Bankruptcy Veteran From PNC

February 5, 2024

Member Tom Henderson (Irvine) was profiled by Law360 on February 5, 2024, on joining McGlinchey. He discussed his background in the financial services industry, why he chose this firm, and what he brings to McGlinchey’s clientele. “I was looking for a workplace where I could do more,” Henderson told Law360. “I’m as interested in helpingMore

News Release

McGlinchey Welcomes Seasoned Bankruptcy Attorney Tom Henderson

January 30, 2024

McGlinchey Stafford is pleased to announce the addition of Tom Henderson to the firm’s Creditors’ Rights, Financial Restructuring, and Bankruptcy team within the Financial Services Litigation practice. With more than 35 years of experience in bankruptcy law in private practice and with PNC Bank, Tom brings a wealth of knowledge and a distinct, holistic approachMore

Podcasts

Podcast: Cannabis and Bankruptcy, Ep. 3: Considerations for Lenders

June 30, 2023

This is the third installment in our three-part series: “Exploring Issues in Cannabis and Bankruptcy.” In this final episode, we'll explore what the two recent decisions in Blumsack and Hacienda mean for creditors in the cannabis industry and also what rights are available to lenders and marijuana financiers in the bankruptcy context.

Alert

Cannabis Creditors Face Receivership in Oregon

June 2, 2023

It is no secret that cannabis businesses and owners remain largely barred from taking advantage of federal bankruptcy protections, leaving distressed marijuana businesses with limited restructuring options. Most often, distressed marijuana businesses and businesses serving the marijuana industry (collectively, MRBs) must instead rely on state law, including state-specific cannabis receivership statutes.

Podcasts

Podcast: Cannabis and Bankruptcy, Ep. 2: Considerations for Businesses

May 11, 2023

This is the second installment in a three-part series exploring issues in cannabis and bankruptcy. In this episode, we'll dive into bankruptcy protections available to businesses, including a case in which the Bankruptcy Court rejected a categorical prohibition for all debtors with any connection to marijuana.

Podcasts

Podcast: Cannabis and Bankruptcy, Ep. 1: Considerations for Individuals

April 11, 2023

It's no secret that pockets of the cannabis industry are experiencing financial distress, and this is generating fear and concern for marijuana licensees and their lenders as well. This is the first installment in a three-part series exploring issues in Cannabis and Bankruptcy.

Alert

Tax Win in Oregon Reminds Cannabis Businesses to Properly Classify Expenses

December 2, 2022

Tax season is nearly upon us. As cannabis businesses and the professionals who advise them can expect, navigating the variations and even direct conflicts that exist between and among the state and federal authorities that govern a cannabis business’s respective tax filings can be treacherous.