I-502 Bankruptcy / Receivership Services
One of the challenges Washington State businesses face operating in the cannabis business is that when times get tough, relief through the Federal Bankruptcy Courts is not an option.
Washington State has a receivership statute (RCW 7.60) which [provides equivalent relief for your business, often at a lower total cost than Chapter 11 – even if it were available.
Under Washington State law, the receiver will manage the business’s property for the benefit of creditors. In many cases, this aligns well with borrowers who may have personal guarantees or other obligations.
Clarity can represent Washington businesses in receivership proceedings – both as a receiver and restructuring officer, as well as providing legal services to businesses, business owners, or creditors.
If you have a business and are experiencing financial or operational challenges, bankruptcy may not be the best option — or even an available option. Contact Clarity today on how we can help get your business concerns put behind you.
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