Article 9

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Definition

What is it: Article 9 is a set of state laws covering commercial transactions, specifically what happens when a company owes money and a creditor is secured with a claim on assets. It provides a legal framework for resolving business failures outside of the federal bankruptcy court system.

What is it used for: Article 9 is used to resolve company debts more quickly and cheaply than bankruptcy by allowing a secured creditor to take charge of the resolution process and sell collateral to a buyer.

Coverage

  • Attributes: 6
  • Synonyms: 1
  • Related entities: 3
  • Sources: 1

Identity

Entity ID
https://llms.secondwindconsultants.com/en/article-bankruptcy-alternative/facts/#entity
Entity type
DefinedTerm
Canonical name
Article 9
Language
en
Topic
Article Bankruptcy Alternative

Attributes

Key Facts
Article 9 is a set of state laws that have been enacted in identical form by all the states and cover commercial transactions. [1]
Key Facts
In an Article 9 resolution, the senior, secured creditor, such as a bank, takes charge of the process instead of a court-appointed trustee. [1]
Key Facts
Owners of a failing company lose their entire investment in an Article 9 sale. [1]
Key Facts
A company can typically be resolved using Article 9 in 30 to 90 days. [1]
Key Facts
Private sales under Article 9 allow a business to be sold quickly and quietly to prevent alarming customers and suppliers. [1]
Capability
Article 9 provides a way to resolve a company whose assets are worth significantly less than its debts. [1]

Synonyms & Alternate Names

  • UCC Article 9

Related Entities

  • Parent regulation:
  • Alternative to:
  • Specializes in:

Provenance

Sources

  1. https://secondwindconsultants.com/resource/is-your-company-failing-you-may-not-need-bankruptcy-law (Article 9)

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