Suzzanne Uhland is an accomplished attorney with over 20 years of experience who currently works as a partner at O'Melveny & Myers. She specializes in bankruptcy and insolvency law and chairs the firm's U.S. Restructuring Practice. During periods of economic turmoil, financially distressed businesses may liquidate assets to raise capital or restructure debt. These sales often occur after a company files for bankruptcy and provide buyers protections from the bankruptcy court process. However, sales outside this process require lender and shareholder consent and may be "as is" with no warranties or protections, carrying the risk of litigation for fraudulent conveyance. Both parties should adequately document asset values to avoid this.

2.  Featured as one of Profiles in Diversity Journal’s
Women Worth Watching in 2010, Suzzanne Uhland
has amassed more than two decades of experience
in the legal sector. An accomplished attorney, she
currently practices out of the Newport Beach and
San Francisco offices of O’Melveny & Myers, LLP, as a
partner with the international law firm. Suzzanne
Uhland also serves as chair of O’Melveny’s U.S.
Restructuring Practice, applying extensive knowledge
of bankruptcy and insolvency law.
During periods of economic turmoil, a financially
distressed business may choose to liquidate its assets
in an attempt to limit unnecessary holdings, raise
capital, or restructure its debt.

3.  These sales often take place after a company has
filed for bankruptcy or has legally stated its intentions
to do so. For this reason, buyers typically receive
protections from the bankruptcy court process during
distressed sales.
While buyers and companies may decide to
complete a transaction outside of the bankruptcy
court process for a number of reasons, such as
avoiding court-sanctioned auctions, buyers should
consider a few potential complications. During a
sales outside of the bankruptcy process, parties may
be required to obtain lender consent to transfer asset
titles. In many cases, they must also obtain
shareholder consent.

4.  Additionally, many distressed sales may be
“as is” sales, offering buyers no protections
regarding representations or warranties.
Distressed sales also present the risk of
litigation for fraudulent conveyance, which
is an illegal monetary transfer for the sole
purpose of avoiding debt. To avoid this,
both parties should aim to adequately
document and prove the value of the
assets in question.