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Bankrupt BusinesswomanThe economic fallout of the COVID-19 pandemic has left businesses reeling and bankruptcy will become an unfortunate reality for some. Many have faced dramatically falling revenues, liquidity constraints and difficulty satisfying their existing loan obligations. Financially-troubled businesses can take several steps to buttress their balance sheets, boost near-term liquidity, and enhance their financial flexibility. On the other side of the table, creditors that deal with distressed customers can take measures to reduce their risk of being subject to litigation brought by bankruptcy estates to recover so-called “preferential transfers.”

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