NORTHAMPTON, Mass.–(BUSINESS WIRE)–Second Wind Consultants, as reported in Bloomberg Businessweek 8/19/2020, invokes the Uniform Commercial Code (UCC) Article 9 law to offer a solution that saves US small businesses and jobs, without further government assistance (PPP, EIDL) and without bankruptcy or courts.
This is a game changer that can save small businesses that are quickly running out of PPP and other options to survive.
Lending experts anticipate a tidal wave of bankruptcy filings heading into Q4 2020. Millions of small businesses are expected to close forever. With UCC Article 9, the majority of this could be avoided, preserving businesses and jobs while helping the economy recover. UCC Article 9 applies in all 50 states and across every industry.
When a business is insolvent, UCC9 allows the owner and bank to cooperate in a reorganization that fully removes debt from the business so it can return to profitability while preserving the jobs and the financial viability of owners.
UCC Article 9 offers a win/win for business owners, lenders, employees and the small business economy as a whole. When debt removal preserves a going-concern business, creditors actually recover more through affordable personal guarantie resolutions. Owners avoid bankruptcy. Employees keep their jobs. The business survives.
UCC Article 9 can preserve US small businesses quickly, without courts and without interrupting operations.
Out of court solutions to business distress are not widely understood outside of financial communities. Business owners who understand this option can save their businesses and avoid the financial devastation of bankruptcy. Unfortunately, when in distress, business owners most often turn to lawyers who are trained in bankruptcy, which is not a viable option for most small businesses.
UCC Article 9 can be applied to relaunch a debt-free business in as little as 30-60 days. Second Wind Consultants has saved 2000 businesses so far through UCC Article 9.