Bruce S. Nathan Partner

New York
T 212.204.8686 | F 973.422.6851



Bruce S. Nathan, Partner in the firm's Bankruptcy, Financial Reorganization & Creditors' Rights Department, has more than 30 years' experience in the bankruptcy and insolvency field, and is a recognized national expert on trade creditor rights and the representation of trade creditors in bankruptcy and other legal matters.  Bruce has represented trade and other unsecured creditors, unsecured creditors' committees, secured creditors, and other interested parties in many of the larger Chapter 11 cases that have been filed, and is currently representing the liquidating trust and previously represented the creditors' committee in the Borders Group Inc. Chapter 11 case.  Bruce also negotiates and prepares letters of credit, guarantees, security, consignment, bailment, tolling, and other agreements for the credit departments of institutional clients.

Bruce was co-chair of the Avoiding Powers Committee that worked with the American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11 and  also participated in ABI's Great Debates at their 2010 Annual Spring Meeting, arguing against repeal of the special BAPCPA protections for goods providers and commercial lessors, and was a panelist for a session sponsored by the American Bankruptcy Institute ("ABI") and co-sponsored by Georgetown University Law Center. Bruce also regularly speaks at conferences held by the National Association of Credit Management, its international affiliate, An Association of Executives in Finance, Credit and International Business ("FCIB"), Credit Research Foundation ("CRF"), and many credit groups on bankruptcy, insolvency, and creditor's rights issues; is a member of NACM's Government Affairs Committee, a regular contributor to NACM's Business Credit, a contributing editor of NACM's Manual of Credit and Commercial Laws, and co-author of The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005:  An Overhaul of U.S. Bankruptcy Law, published by NACM; and has contributed to CRF's Journal, The Credit and Financial Management Review.

Bruce is recognized in the Bankruptcy & Creditor/Debtor Rights section of Super Lawyers (2012-2014) and in the 2014 Super Lawyers Business Edition.  In March 2011, Bruce received the Top Hat Award, a prestigious annual award honoring extraordinary executives and professionals in the credit industry.

Bruce is also a co-author of "Trade Creditor Remedies Manual: Trade Creditors’ Rights under the UCC and the U.S Bankruptcy Code" published by the American Bankruptcy Institute ("ABI") at the end of 2011, has contributed to the ABI Journal, and is a former member of ABI's Board of Directors and former Co-Chair of ABI's Unsecured Trade Creditors Committee.


Other Distinctions

  • Super Lawyers (2012–2015) – New York Metro edition – Recognized for bankruptcy work.

Speaking Engagements

  • On December 14, 2016, Bruce Nathan presented “My Customer Filed Bankruptcy: Now What?” during NACM’s 2016 Audio Teleconference Series.

  • On December 7, 2016, Bruce Nathan, Ken Rosen, and Phil Gross made presentations to the Northeast CORE (Chief Officers Reaching Excellence) Group at a meeting sponsored by the International Housewares Association. Bruce addressed “My Financially Distressed Customer is at Risk of Filing Bankruptcy: Now What?”

  • On December 6, 2016, Bruce Nathan presented “Current Hot Chapter 11 Issues Facing Trade Creditors” to the Battery Components and Zinc Suppliers Credit Group. The presentation, sponsored by NACM East Tennessee addressed the myriad issues in Chapter 11 cases faced by credit professionals, in which debtors and creditors have sought to obtain favorable court rulings on important issues for trade creditors.

  • On November 17, 2016, Ken Rosen, Bruce Nathan and Jeffrey Prol led a discussion entitled, “Spotting and Reacting to Warning Signs of Financially Distressed Customers: Dodging the Bankruptcy Bullet.” The program was sponsored by NACM Connect and NACM Midwest.

  • Bruce Nathan presented “Spotting and Reacting to Warning Signs of Financially Distressed Customers: Dodging the Bankruptcy Bullet,” at the Central Region Credit Conference on November 9, 2016. Sponsored by NACM Great Lakes Region, the program addressed the early warning signs hovering over a company at risk of a future bankruptcy filing and how a credit executive can dodge a huge loss by quickly identifying and reacting to these warning signs as they accumulate.

  • On November 8, 2016, Bruce Nathan participated in the Credit & Collections Q&A Roundtable: Ask the Experts! panel discussion, offering his perspectives on inquiries regarding bankruptcy and commercial law.

  • On October 24, 2016, Bruce Nathan co-presented “Canadian Bankruptcy Law Buffet Style With a U.S. Garnish,” with Aubrey Kaufman, partner, Fasken Martineau. The webinar hosted by the National Association of Credit Management provided an overview of Canada's bankruptcy laws that have the most impact on U.S. trade creditors selling goods and/or providing services to Canadian companies and a comparison with U.S. bankruptcy law.

  • On October 19, Bruce Nathan presented “Spotting and Reacting to Warning Signs of Financially Distressed Customers: Dodging the Bankruptcy Bullet” at the NACM Connect 2016 Credit Conference. He also presented “Loose Lips Sink Ships” with Lawrence O’Brien of Potash Corporation at the annual meeting.

  • Bruce Nathan will presented “Spotting and Reacting to Warning Signs of Financially Distressed Customers: Dodging the Bankruptcy Bullet” to the Western Industry Credit Organization on October 14, 2016. The program addressed the early warning signs hovering over a company at risk of a future bankruptcy filing and how a credit executive can dodge a huge loss by quickly identifying and reacting to these warning signs as they accumulate.

  • Bruce Nathan and Lowell Citron presented “Knowing Your Customer’s Legal Name and Organizational Structure: What’s the Big Deal?” to the Luggage and Related Products Industry Credit Group sponsored by NACM South Central on September 26, 2016. The program discussed what goes into a credit professional’s terms and conditions and making sure they are enforceable against a customer is crucial in determining a company’s rights against its customer.

  • On September 23, 2016, Bruce Nathan, Lowell Citron, and Jason Teele presented “Risk Mitigation Tools When Unsecured Open Account Terms Are Too Risky” at the NCCA 2016 Fall Quarterly Meeting sponsored by ABC-Amega, Inc.

  • Bruce Nathan presented “Current Hot Chapter 11 Issues Facing Trade Creditors” at the annual Business Credit Intelligence Credit Summit sponsored by NACM on September 20, 2016. Bruce and Lowell Citron also presented “Mind Your Ts and Cs,” a seminar that focused on the importance of developing favorable terms and conditions as part of the contract between a company and its customers.

  • On September 16, 2016, Bruce Nathan presented a teleconference entitled, “Can a Creditor Have Its Section 503(b)(9) Cake and Eat It, Too?” to the NACM Steel Importers Credit Group. Sponsored by NACM Tampa, Inc., this program addressed a myriad of litigation issues involving efforts by debtors and secured lenders to reduce trade creditors’ recoveries on this priority claim and court ruling, which will have a significant impact on trade creditors’ rights.

  • At the NACM Eastern Region Conference on September 14-15, 2016, Bruce Nathan presented “Spotting and Reacting to Warning Signs of Financially Distressed Customers: Dodging the Bankruptcy Bullet,” and “Loose Lips Sink Ships.”

  • Bruce Nathan presented “Loose Lips Sink Ships,” on September 7, 2016, for the National Association of Credit Management. The webinar explored a number of areas where a slip of the tongue or inclusion of damaging information in one’s file could land credit professionals into “hot water” and possibly liability.

  • Bruce Nathan presented “My Customer Filed Bankruptcy: Now What?,” Sponsored by the NACM Mid-South on July 22, 2016. The seminar addressed the circumstances under which a customer is at risk of filing, or has just filed, a Chapter 11 bankruptcy case. It also included the steps a credit provider can take, including exercising their priority rights under section 503(b)(9) of the Bankruptcy Code for goods sold to and received by the customer within 20 days of bankruptcy and their Uniform Commercial Code stoppage of delivery and adequate assurance rights to reduce their risk of loss, and other issues to address in response to their customer’s bankruptcy filing.

  • On July 13, 2016, Bruce Nathan and Lowell Citron presented “Mind Your T’s and C’s,” for an ABC Amega, Inc. – Webinar. The program focused on the importance of developing favorable terms and conditions as part of a company’s contracts with its customers.

  • At Kemira headquarters in Atlanta, GA, Bruce Nathan and David Banker presented “Warning Signs of Future Customer Bankruptcy, Creditor Remedies, and Bankruptcy Overview” to the key account managers for their paper division, as well as the credit and legal departments on July 12, 2016.

  • At the National Association of Credit Management’s Credit Congress and Exposition in Las Vegas, Nevada, Bruce Nathan and Chris Loeber presented a seminar entitled, “Demystifying Credit Insurance: A Guide to Understanding and Negotiating Your Credit Insurance Policy.” Bruce also presented “Loose Lips Sink Ships” and “A View from the Bench and the Bar: A Discussion of Current Hot Bankruptcy Issues Facing Trade Creditors and the Future of Chapter 11” following BAPCPA’s Tenth Anniversary on June 14, 2016. Bruce also led a seminar with J.C. Barone, Executive Director, J.P. Morgan Securities, “Using Risk Mitigation Tools to Say Yes When Unsecured Open Account Terms are Too Risky.”

  • Bruce Nathan spoke to the group meeting of National Association of Credit Management’s Copper/Aluminum Trade Credit Group on the topic, “Selling to a DIP,” on June 10, 2016, in New York, New York.

  • On May 24, 2016, Bruce Nathan and Lowell Citron presented “Foreign Customers and Suppliers: Credit Risk Mitigation Dealing with a Foreign Counterparty” at MCA’s Legal, Compliance and Logistics Management Roundtable in New York, New York.

  • On May 23, 2016, Bruce Nathan presented two programs at the MFM/BCCA 56th Annual Conference: “Legal Issues of Credit” and “Current Hot Bankruptcy Issues Facing Trade Creditors and the Future of Chapter 11,” in Denver, Colorado.

  • Bruce Nathan and David Banker provided a preference overview as an in-house presentation to the legal and business departments of client Hilldun Corporation on May 16, 2016 in New York, New York.

  • Bruce Nathan and Jeffrey Blumenfeld presented the webinar, “Antitrust Essentials for Credit Professionals, a/k/a When Loose Lips Can Sink Ships,” to the Colorado Mountain West Construction Group, and the NACM Colorado general membership on May 13, 2016.

  • On May 4, 2016, Bruce Nathan and J.C. Baron Executive Director, JP Morgan Securities Inc. presented “Risk Mitigation Tools When Unsecured Open Account Terms Are off the Table” hosted by the National Association of Credit Management. The webinar discussed credit insurance, accounts receivable puts, letters of credit, purchase money and other security interests and consignments and guarantees as risk mitigation tools that could be used to allow a credit executive to say yes when confronted with a financially distressed customer at risk of filing bankruptcy.

  • On April 21, 2016, Bruce Nathan presented “War Stories on Increasing Sales, Protecting Future Receivables, and Surviving Bankruptcy,” along with Wanda Borges, of Borges & Associates at the Riemer Conference in Philadelphia, Pennsylvania. This program provided credit professionals a rare glimpse into the development of strategy to maximize leverage and recovery and minimize risk from financially distressed customers prior to and following their bankruptcy filing.

  • Bruce Nathan presented “Spotting and Reacting to the Warning Signs of a Financially Distressed Customer: Dodging the Bankruptcy Bullet,” on April 7 at the Gateway Region Annual Meeting in Maryland Heights, Montana. Sponsored by the National Association of Credit Management, this program addressed the early warning signs hovering over a company at risk of a future bankruptcy filing and how a credit executive can dodge a huge loss by quickly identifying and reacting to these warning signs as they accumulate.

  • Bruce Nathan and Lowell Citron presented “Mind Your T’s and C’s,” at a seminar on April 4, 2016, for the National Association of Credit Management which focused on the importance of developing favorable terms and conditions as part of the contract between a company and its customers.

Publications

The Strict Compliance Requirement for Letters of Credit is Really Strict
Business Credit, February 2017
Bruce Nathan, Eric Chafetz
A New Preference Defense?
Business Credit, January 2017
Bruce Nathan, Barry Bazian
What Constitutes Sufficient Notification of a Security Interest to Cut Off Trade Creditors’ Setoff Rights?
CRF News, 4th Quarter 2016
Bruce Nathan, Barry Bazian
View More...

Press Mentions

Bruce S. Nathan is quoted in NACM eNews regarding the effect of prepackaged and prearranged chapter 11 plans on unsecured creditors in the energy, metals and mining sectors, which has burdened unsecured creditors to respond to protect their interests in a very short timeframe. , NACM eNews , January 26, 2017
Bruce S. Nathan is quoted in Business Credit, attributing the increase of prepackaged Chapter 11 cases as a response to changes in the bankruptcy code in 2005 and the recession in 2008. , Business Credit , June 2016
Bruce Nathan comments in NACM eNews regarding the U.S. Supreme Court’s affirmance of the elimination of limits on creditors’ ability to garner a spousal guarantee. , NACM eNews , March 24, 2016
View More...


Events

February 22, 2017
National Chemical Credit Association Annual Educational Conference

March 16, 2017
Cosmetic Drug Allied Lines Group


Related Areas

Bankruptcy, Financial Reorganization & Creditors’ Rights

Education


University of Pennsylvania Law School ( J.D. , 1980 )
Wharton School of Finance and Business ( M.B.A. , 1980 )
University of Rochester ( B.A. , 1976 ) , Phi Beta Kappa

Bar Admissions


New York

Court Admissions


1981 , U.S. District Court, Southern District of New York
1981 , U.S. District Court, Eastern District of New York

Affiliations


  • New York State Bar Association
  • American Bar Association
    • Commercial Financial Services Committee
    • Business Bankruptcy Committee
  • American Bankruptcy Institute
    • Former Member, Board of Directors
    • Former Chair, Unsecured Trade Creditor Committee
    • Regular Contributor to American Bankruptcy Institute Journal's "Last in Line" Column
    • Speaker at 2007 Annual Spring Meeting: "Fifty Ways to Leave Your Debtor: Lesser Known Remedies For Jilted Creditors"
    • Panelist at "Chapter 11 At The Crossroads:  Does Reorganization Need Reform?" A Symposium on the Past, Present and Future of U.S. Corporate Restructuring," on November 16-17, 2009, sponsored by ABI and co-sponsored by Georgetown University Law Center
    • Participated in the Great Debates at ABI's Annual Spring Meeting held on April 30, 2010 on whether Congress should eliminate the special BAPCPA protections for providers of goods and lessors (arguing against repeal)
    • Task Force on Preferences
    • Chair, Task Force on Reclamations
    • Uniform Commercial Code Committee and Task Force - Revised Article 9 Primer
  • American Bankruptcy Institute's Commission to Study the Reform of Chapter 11
    • Co-chair, Avoiding Powers Advisory Committee
  • Commercial Law League of America
  • Association of Commercial Finance Attorneys
  • National Association of Credit Management
    • Contributor to Business Credit - National Association of Credit Management Magazine
    • National Bankruptcy and Insolvency Group
    • Lecturer, National Association of Credit Management and Affiliates and Credit Groups on Bankruptcy, UCC Article 9, Consignments, Letter of Credit law and other credit-related issues
  • Member of FCIB, an Association of Executives in Finance, Credit and International Business. Presented at The 4th China International Credit and Risk Management Conference, Shenzhen, China, September 21, 2007, and FCIB Teleconference, December 13, 2007, on key provisions of People’s Republic of China’s 2006 Law on Enterprise Bankruptcy, similarities to and differences with the U.S. Bankruptcy Code, and upcoming implementation challenges
  • Media Financial Management Association
    • Member
    • Frequent Lecturer
    • Contributor to "The Financial Manager" on Creditors' Rights Issues
  • Lecturer, Executive Enterprises Inc. the Bank Lending Institute and the Banking Law Institute on Commercial Loan Workouts & UCC Issues
  • Past Contributor
    • Credit Today
    • National Credit News