March 2012

The Little Engine That Could: Lien Law Revision Efforts Pick Up Steam

By Nan Hannah

March 5, 2012

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On February 23, 2012, the North Carolina Legislative Study Committees’ Lien Law Study Subcommittee met for the first time. The two hour session primarily consisted of a primer on the current lien law, the issues which are driving the efforts to revise the statute, the proposed “fixes” to address those issues. Prior to the session, the Legislative Research Division staff had worked extensively with the North Carolina Bar Association’s Construction …Read More

Buying or Selling a Closely Held Business – A Few Steps to Consider

By James Vann

March 1, 2012

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Taking on only the company’s assets prevents any future surprises for the buyer.

−Buying or Selling a Closely Held Business – A Few Steps to Consider

Agreeing to a sales price is hardly the final step in the negotiation process in the sale of a business. Even once the discussions have led a preliminary agreement to transfer ownership of a business at a particular price, the parties to the transaction still might not be on the same page as to what exactly entails “the business” that is being transferred. The buyer’s understanding of “the business” might …Read More

Bankruptcy Decisions Leave More Questions Than Answers

By Nan Hannah

March 1, 2012

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Unless and until the legislature acts to clarify the point in time at which a lien upon funds arises, the bankruptcy courts will continue to debate the issue.

−Bankruptcy Decisions Leave More Questions Than Answers

A recent decision from the United States District Court for the Eastern District of North Carolina in the appeal of the now famous (infamous?) Mammoth Grading bankruptcy has combined with the recent Chapter 11 bankruptcy filings by Cox & Schepp, Inc. in the Western District of North Carolina and Construction Supervision Services, Inc. (CSSI) in the Eastern District to place the spotlight back on the issue of liens and bankruptcy. …Read More

Protecting Yourself As a Director on a Board of Directors

By Paul Sheridan

March 1, 2012

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One of the most important things to remember is that you are providing a needed service when you volunteer on a board of directors.

−Protecting Yourself As a Director on a Board of Directors

Many of us try to be well rounded and responsible citizens and often we give back to our communities and neighborhoods by volunteering time to non-profit organizations and homeowners’ associations as directors and officers. It is flattering to be asked to serve and it is a positive reflection that others trust in your values, beliefs, and trustworthiness. What is truly frightening is that in this altruistic endeavor many board members, …Read More