Attorney Nancy L. Kourland began her post-secondary education in New York City at Barnard College, a liberal arts school for women. After four years of study and dean’s list acknowledgements, she graduated magna cum laude with a Bachelor’s degree in Ancient Studies and Latin. Nancy L. Kourland then began her study of law at New York University School of Law, where she served as a Research Assistant, a Teaching Assistant, and an Articles Editor for the Journal of International Law and Politics. After graduating with her Juris Doctor in 1987, she began serving as an Associate at various firms throughout New York. In her first role, Nancy L. Kourland represented Beker Industries Corp., AT&T, and New York Life Insurance while working with Kronish, Lieb, Weiner & Hellman, LLP. In 1989, Nancy L. Kourland joined the firm of Levin & Weintraub, Crames & Edelman, where she helped represent Revco D.S., Inc., The LTV Corporation, Walter Industries, Inc., and Coated Sales Inc. before the firm’s dissolution in 1990. Following that position, Nancy L. Kourland began serving as an Associate in the bankruptcy department of Kramer, Levin, Kamin, Nessen & Frankel, representing creditors in various chapter 11 cases. In 2004, Nancy L. Kourland obtained a Master of Library and Information Science from Rutgers, The State University of New Jersey and served as an intern for Columbia Law School’s Arthur W. Diamond Law Library before joining Satterlee Stephens Burke & Burke as a Contract Attorney. In this role, she handled various commercial matters, such as guiding global banks through all phases of state and federal litigation and assisting a major securities firm during FINRA arbitrations. Currently she serves as a Senior Associate at Rosen & Associates, P.C. where she specializes in chapter 11 cases, representing affected debtors and creditors. Nancy L. Kourland is a member of the New York City Bar Association and contributes to National Public Radio (NPR), the Central Park Conservancy, and Carnegie Hill Neighbors.
The New York City Bar Association operates as a voluntary membership group for lawyers and law students based or studying in the New York metropolitan area. Founded more than 140 years ago, the Association currently serves more than 23,000 members, providing them with networking opportunities, access to career development and accredited continuing legal education programs, and advocacy within New York’s state legislature and the New York City Council.
As one of the community’s premier legal organizations, the New York City Bar Association proves a valuable tool for students and professionals of all levels. Read about some of the latest news from the Association below or online at www.abcny.org. The New York City Bar Association recently began accepting nominations for the organization’s 22nd Annual Legal Services Awards, which recognize lawyers and nonlawyers committed to providing free civil law services to underserved individuals. In early 2011, the New York City Bar Association founded a new specialty law committee focused on legal issues related to the fashion industry. The group’s Committee on Fashion Law joins more than 150 other niche legal committees concentrated on such topics as administrative law, regulations related to financial reporting, military affairs, and social welfare law. The Association’s Fashion Law delegation will examine a variety of issues important to the apparel business, including trademark and copyright topics and customs concerns.
Attorney Stephen Robinson, a partner at Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, recently accepted the role of Chair of the New York City Bar Association’s Committee to Enhance Diversity in the Profession. Active since 1990, the Committee focuses on promoting greater heterogeneity within New York law firms and legal departments by working closely with diversity leaders and recruitment officers, organizing networking events, and bestowing the annual Diversity Champion Awards.
Nancy Kourland: Chapter 11 Bankruptcy FAQ , Nancy Kourland's Blog on Bigsight
June, 2011
As a Senior Associate at Rosen & Associates, P.C. in New York City, Nancy Kourland boasts extensive experience in all aspects of Chapter 11 bankruptcy reorganization. In her current position, Nancy Kourland maintains a singular focus on bankruptcy litigation, representing both individual debtors and large institutions, as well as creditors.
Question 1: What is Chapter 11 bankruptcy?
Answer: Under current United Sates law, businesses or individuals may file for Chapter 11 bankruptcy debt reorganization. In a Chapter 11 proceeding, the debtor works out a restructuring of assets and debts via the courts. This reorganization, which provides the debtor with a more manageable way to meet his or her obligations, remains legally binding to both the debtor and creditors.
Question 2: Who may file Chapter 11 bankruptcy?
Answer: This type of bankruptcy is available to individuals, corporations, sole proprietorships, and partnerships; however, businesses and corporations are more likely to file Chapter 11 bankruptcy. Individuals may pursue Chapter 11 especially their debts exceed the sums set forth in Chapter 13 bankruptcy, which limits unsecured debt to approximately $360,000 and secured debt to just over $1 million.
Question 3: Can you describe the basic outline of Chapter 11 bankruptcy litigation?
Answer: Typically, when the debtor files for Chapter 11 bankruptcy reorganization, he or she remains in control of any assets, including business operations. In turn, the debtor proposes a reorganization plan, to which a majority of the creditors must agree. The resultant reorganization binds the creditor and debtors to the repayment plan.
Question 4: What types of provisions do you see in a typical reorganization plan?
Answer: The plans vary depending on the debtor. If it is a company, a plan may make provisions for repayment out of future profits, mergers, acquisitions, or asset sales. With individuals, repayment may come from future income or sale of assets.
Question 5: What are the benefits of Chapter 11 bankruptcy?
Answer: Under all chapters of the Bankruptcy Code, an automatic stay is ordered, preventing further litigation or collections attempts in most cases. Chapter 11 is a very flexible type of reorganization that gives both creditors and debtors a great deal of control over repayment. In addition, if assets are liquidated, they may fetch a higher price than under Chapter 7 bankruptcy.
Bankruptcy Questions: What Is Chapter 11 Bankruptcy
