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Finance & Bankruptcy News

December 7, 2023

In this issue:



   Commercial Lease Agreement   

Important Q&A for Commercial Tenants Whose Landlords Seek Bankruptcy

Scott H. Hogan

In the wake of the pandemic, and its impacts on how and where employees work and how businesses use their leased properties, bankruptcy courts have seen a dramatic rise in the number of commercial landlords seeking bankruptcy protection from creditors.

If a commercial landlord files for bankruptcy, tenants of the bankrupt landlord will face a series of immediate issues, the resolution of which can significantly impact the tenant’s present and future business...

Read More



   2024 Checklist   

2023 Year-End Checklist for Businesses

Amanda J. Dernovshek and Lindsey M. Mead

The following is a checklist of matters that businesses should address going into 2024 including:

  • Meeting with tax advisors
  • Preparing for the upcoming Corporate Transparency Act
  • Monitoring your intellectual property
  • Yearly gifts and charitable donations...

Read More



   Supplier looking at parts   

Notable Shift in Contract Law Regarding Release Contracts

Robert A. Hamor

The Michigan Supreme Court issued a decision which may impact decades-long customs and practices in many industries–including the auto industry–with respect to “release contracts” associated with part purchases. Because many of these types of release contracts did not include a specific quantity of parts (or otherwise identify the contract as a “requirements” contract) at the time of contracting, instead deferring to a common practice of issuing “releases” in the future, Michigan’s Supreme Court ruled that the agreement did not obligate the seller to supply the necessary parts on an ongoing basis.

This ruling can upend decades-long supply chains if the relevant agreements do not comport with this new ruling...

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   Distracted Teen Texting While Driving   

Are You Prepared? New Video Series Exposes Potentially Devastating Legal Challenges for Young Adults & Their Families

If your 18-year-old child is badly injured in a car accident, do you have the paperwork you need to talk with doctors about their medical condition?

As the holiday season draws to its conclusion, the attorneys at Foster Swift encourage families to make this traditional time of reflection—a time for action. To empower people to take proactive steps, the firm launched an informative video series aimed at demystifying pressing legal concerns for both college students and their parents, paving the way for a safer and more informed academic journey ahead...

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12 Attorneys Join Foster Swift

The following announcement was picked up in a feature article from the Lansing State Journal: Loomis law firm to dissolve; most of its staff will join other firm.

On November 27, Foster Swift welcomed 12 attorneys from Loomis, Ewert, Parsley, Davis & Gotting, P.C. to the firm, along with four paralegals and four support staff.  

This strategic addition gives Foster Swift more than 100 attorneys across the state, including 50 in downtown Lansing, with shared values and extensive expertise in providing legal counsel to businesses, municipalities, non-profits and individuals.

Among the attorneys to join the Finance, Real Estate & Bankruptcy practice group include:

In addition, associate Destiny R. Sykes officially joined the practice. Destiny started at the firm in 2022 as a summer associate and was sworn in as an attorney by Michigan Supreme Court Justice Welch at the Michigan Hall of Justice on Wednesday, November 15, 2023.




What You Need to Know About the Upcoming Corporate Transparency Act

The Corporate Transparency Act (“CTA”) was enacted as part of the National Defense Authorization Act for Fiscal Year 2021 (“NDAA”). The CTA is intended to combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, thereby protecting U.S. economic prosperity. The database that will be created as a result of the CTA’s requirements is intended to aid law enforcement with investigations and mitigate risks as quickly as possible. 

While these intentions are good, the impact of the CTA is expected to be drastic and jarring. The number of legal entities already in existence in the U.S that may now need to report information on themselves, their beneficial owners, and their formation or registration agents is in the tens of millions.

Beginning January 1, 2024, newly created companies that fall under the umbrella of the CTA will be required to report immediately. Existing entities will have one year to report...

Read More




What Employers Need to Know for 2024

On October 12, members of the Labor & Employment law practice group hosted a webinar that was very well-received and discussed various topics that employers need to know going into 2024. Here are the video links to the individual sessions:







Grand Rapids






St Joseph


Foster Swift Collins & Smith, PC E-Newsletters are intended for general information for our clients and friends. This newsletter highlights specific areas of law and is not legal advice. The reader should consult an attorney to determine how this information applies to any specific situation.

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Copyright © 2024 Foster Swift Collins & Smith, PC.

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