The Principal’s Bankruptcy: What You Really Need to Know
Recorded On: 06/16/2009
The world does not end when the surety’s principal files for bankruptcy. In addressing the surety issues, highlights of this presentation include: What the surety can and can’t do; the good and bad of collateral; and providing future bonds for the principal.
George J. Bachrach
Partner, Wright, Constable & Skeen, LLP
George J. Bachrach is a partner in the Baltimore, Maryland law firm of Wright, Constable & Skeen, LLP. He is a graduate of Harvard University, B.A., cum laude, 1971, and Georgetown University Law Center, J.D. 1974. He has represented surety companies in performance bond, payment bond and commercial surety bond claims, workouts and related bankruptcy proceedings for over 36 years. Mr. Bachrach is a former Chair of the ABA/TIPS Fidelity and Surety Law Committee (2001 to 2002), and is a member of the Surety Claims Institute and the National Bond Claims Association among his many surety industry affiliations. He is also a member of the ABA Forum on the Construction Industry. On May 21, 2009, Mr. Bachrach received the ABA/TIPS Fidelity and Surety Law Committee Martin J. Andrew Award for Lifetime Achievement in Fidelity and Surety Law. Mr. Bachrach is a frequent author, editor, program chair and speaker on surety issues, including the surety’s performance bond rights, options and obligations; the surety’s indemnity agreement, subrogation and salvage rights; the surety’s claims investigation rights and claims handling process; and commercial surety and contract surety bankruptcy issues.