The Rhode Island Superior Court Business Recovery Plan is a nonliquidating receivership program that was implemented in response to business disruptions caused by COVID-19. The program permits eligible businesses to continue operations under supervised protections of the Court, such as a Court-ordered injunction against lawsuits and collection efforts. While under Court supervision, a business and its assets remain intact and the business may continue to operate pursuant to a Court-approved business plan and under the supervision of a non-liquidating receiver. The goal of the program is to offer eligible businesses a moment to breathe, after which, the business will hopefully address its debts, have the time to take advantage of federal and state loan and grant programs, and begin generating revenues again. If you would like to read more about this program, please click here.
Attorney Christopher Fragomeni, co-chair of Savage Law Partner’s receivership practice group, was a panelist at Lt. Governor Dan McKee’s Small Business Conference Call. He and the Honorable Brian P. Stern discussed the newly-implemented Rhode Island Superior Court Business Recovery Plan. Other panelists included Senator Jack Reed and Senator Sheldon Whitehouse. The complete panel discussion is below:
For more information regarding Receivership options and/or business solvency matters, please contact Attorney Christopher J. Fragomeni at 401.238.9100 or via email at email@example.com.
To read the full administrative order, click here.