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 handles letters of credit, guarantees, credit insurance and security, consignment, accounts receivable put, bailment, tolling, and other agreements and legal credit issues for the credit departments of institutional clients.

Bruce was co-chair of the Avoiding Powers Committee that worked on the Final Report and Recommendation of 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 (2012-2017)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 (2012–2017) – New York Metro edition – Recognized for bankruptcy work.

Speaking Engagements

  • On August 7, 2017, Bruce Nathan, Bruce Buechler, and Jeffrey Prol presented, “The Impact of Increased Private Equity and Hedge Fund Activity on Chapter 11/Creditors’ Rights: The New Normal?,” during the Credit Research Foundation’s Credit & Accounts Receivable Forum & Expo . The speakers discussed unique warning signs of, and issues arising in Chapter 11 cases filed by a distressed company controlled by private equity funds that threaten unsecured creditor recoveries.

  • On August 2, 2017, Bruce Nathan, Bruce Buechler, and Jeffrey Prol presented, “The Impact of Increased Private Equity and Hedge Fund Activity on Chapter 11/Creditors’ Rights: The New Normal?,” to the Book Publishers Credit Group. Sponsored by the National Association of Credit Management, Tampa, the program addressed the changed strategies and outcomes arising from increased private equity and hedge fund involvement in Chapter 11 cases.

  • Bruce Nathan and Jeffrey Blumenfeld presented, “Antitrust Essentials for Credit Professionals” to the Credit Management Association as a webinar on July 25, 2017. The speakers discussed how credit professionals can navigate within the bounds of antitrust law when making their credit and other business decisions; what matters can and cannot be discussed and what information can and cannot be exchanged with other credit professionals, both one on one and in a credit group or other group setting; the potential consequences of antitrust violations; and how to protect a company from those consequences.

  • On July 21, 2017, Bruce Nathan and Jeffrey Cohen presented, “Differences Between Chapter 7 and 11 Bankruptcy” as a webinar to the Credit Management Association. The program discussed how bankruptcy cases are commenced, either voluntarily by the debtor or involuntarily by creditors and the risks and rewards of involuntary bankruptcy petitions.

  • Bruce Nathan and Jeff Cohen presented “The Retail Apocalypse: How Does The Trade Respond?,” to the New York Media Credit Group on June 15, 2017, which was sponsored by ABC/Amega.

  • Bruce Nathan co-presented “U.S. Supreme Court Update—Cases and Decisions That Could Impact Trade Creditors,” with Wanda Borges, Borges & Associates, LLC, to the National Association of Credit Management Annual Credit Congress on June 12-14, 2017. The program discussed decisions by and cases pending before the U.S. Supreme Court that could impact trade creditors.

  • On June 8, 2017, Bruce Nathan presented “Spotting and Reacting to Warning Signs of Financially Distressed Customers: Dodging the Bankruptcy Bullet” during the National Electrical Manufacturers Credit Group meeting. The program explored how to deal with financially distressed customers at risk of bankruptcy sometime in the future, and grappling with when they should be taking steps to manage and reduce exposure.

  • On June 7, 2017, Bruce Nathan addressed the National Food Service Manufacturers Credit Group meeting with a presentation entitled “Bankruptcy: Back to Basics and then some.” Sponsored by National Group Management Corp., the seminar featured a discussion of the risks and rewards of involuntary bankruptcy petitions, issues related to the administrative priority claim for goods delivered to a debtor within 20 days of its bankruptcy, preference claims and defenses, proof of claim issues, and issues regarding executory contracts.

  • Bruce Nathan presented “Spotting and Reacting to Warning Signs of Financially Distressed Customers and Risk Mitigation Tools: Dodging the Bankruptcy Bullet,” during the Media Finance Focus 2017, MFM & BCCA’s 57th Annual Conference May 22-23, 2017. The program explored how to deal with financially distressed customers at risk of bankruptcy sometime in the future, and grappling with when they should be taking steps to manage and reduce exposure.

  • Bruce Nathan, Mary Seymour and Andrew Behlmann presented “Electronic Transactions, Where The Click Is Mightier than the Pen” on May 12, 2017, to the North American Hardwoods Credit Association as a webinar. The program focused on the requirements for a valid and enforceable electronic signature and contract; the unique risks posed by electronic credit applications, contracts, and other transactions; the state and federal laws governing electronic signatures and transactions; recent court cases addressing electronic signatures and contract formation and enforceability; and the tools and strategies necessary to help mitigate these risks.

  • On May 11, 2017, Bruce Nathan presented “Dealing With a Defaulting Customer: A Successful War Story,” during the NACM Annual Meeting. As a repeat of his presentation on April 25, the program discussed the issues involved when a credit provider receives a call from a financially distressed customer, requesting more time to pay a large past due balance.

  • Bruce Nathan, Jeffrey Prol and Mary Seymour presented “The Explosion of Private Equity and Hedge Fund Dominated Chapter 11 Cases” as a webinar to the NACM Graduate School of Credit & Financial Management Alumni on May 10, 2017. The seminar, which was sponsored by National Association of Credit Management, explored the impact of the participation of hedge funds and private equity funds in Chapter 11 cases.

  • Bruce Nathan and Jeff Cohen presented “Fortifying Your Credit Foundation,” on May 9, 2017 during the National Merchandising Credit Group Meeting. The program provided an overview of topics of specific interest to credit managers related to insolvency, out of court workouts and recent developments in retail bankruptcies.

  • On May 3, 2017, Bruce Nathan co-presented, “Impact of the Recent U.S. Supreme Court Decisions on Credit Card Surcharge Bans” with Wanda Borges to the NACM Book Publishers Credit Group.

  • Bruce Nathan presented “Alternatives to Bankruptcy: The Impact on Trade Creditors” as a teleconference sponsored by the National Association of Credit Management on May 3, 2017. The program discussed non-bankruptcy alternatives, how they differ from bankruptcy cases, how trade creditors should respond when their customer opts for any of these alternatives, and their impact on trade creditors.

  • On May 1, 2017 Bruce Nathan and Andrew Behlmann, along with Wanda Borges, presented “The Impact of the Recent U.S. Supreme Court Decisions on Credit Card Surcharge Bans” as a webinar hosted by the National Association of Credit Management.

  • On April 25, 2017, Bruce Nathan presented “Dealing With a Defaulting Customer: A Successful War Story,” during the NACM Great Lakes Annual Meeting in Fort Wayne, Indiana.

  • On March 29, 2017, Bruce Nathan presented “Spotting and Reacting to Warning Signs of Financially Distressed Customers: Dodging the Bankruptcy Bullet” as a webinar hosted by ABC/Amega. The program covered the early warning signs characterizing troubled companies at risk of a future bankruptcy filing and the available sources of information from which credit executives can learn of these warning signs.

  • Bruce Nathan and Lowell Citron presented a webinar entitled “Knowing Your Customer’s Legal Name and Organizational Structure: What's In a Name?” sponsored by the Media Financial Management Association on March 28, 2017. The program discussed what goes into a credit professional’s terms and conditions and how making sure they are enforceable against a customer is crucial in determining a company’s rights against its customer.

  • Bruce Nathan and Jeffrey Prol co-presented “Bankruptcy Point-Counterpoint from the Vendor’s Perspective” with Scott Blakeley (Blakeley LLP) during the Credit Research Foundation (CRF) Forum on March 20-22, 2017. The panel presented a point-counterpoint discussion of the different perspectives on hot issues facing trade creditors when their customer files bankruptcy, including whether claims based on drop-shipments are entitled to priority status as a 20-day goods / § 503(b)(9) administrative claim; hot consignment issues arising out of the Sports Authority bankruptcy; and preference claims / defenses, including whether the new value defense is lost for court-approved paid invoices that are part of a vendor’s 20-day goods / § 503(b)(9) administrative claim.

  • Bruce Nathan and Phil Gross presented “Is Your Ship Stranded at Sea? Demystifying Chapter 15 of the Bankruptcy Code and Recent Cross-Border Insolvency Developments” to the National Forest Products Group on March 17, 2017. Sponsored by NACM Northwest, the program demystified Bankruptcy Code Chapter 15's complexities, discussing how Chapter 15 works, what Chapter 15 filings are being used to accomplish, and practical advice for trade creditors when a foreign debtor files a Chapter 15 case.

  • On March 16, 2017, Bruce Nathan co-presented with Wanda Borges, Borges & Associates, LLC, “The Anatomy of a Liquidating Chapter 11 Case” to the Cosmetic Drug Allied Lines Group. Sponsored by the Federation of Credit & Financial Professionals, the program presented a case study based on a hypothetical liquidating Chapter 11 case where the ending is not yet known.

  • On March 8, 2017, Bruce Nathan presented “Legal Options For the Delinquent Customer” to the International Aviation Group, sponsored by Forius NACM North Central.

  • Bruce Nathan presented “Spotting and Reacting to the Warning Signs of a Financially Distressed Customer: Dodging the Bankruptcy Bullet” to the National Interior Décor & Hospitality Credit Group on March 6, 2017. Sponsored by the National Business Credit Exchange, the program covered the early warning signs characterizing troubled companies at risk of a future bankruptcy filing and the available sources of information from which credit executives can learn of these warning signs.

  • Bruce Nathan and Philip Gross presented “Is Your Ship Stranded at Sea? Demystifying Chapter 15 of the Bankruptcy Code and Recent Cross-Border Insolvency Developments” on March 2, 2017 as a webinar to the Finance, Credit & International Business Association. The program was designed to demystify Bankruptcy Code Chapter 15's complexities, discussing how Chapter 15 works, what Chapter 15 filings are being used to accomplish, and practical advice for trade creditors when a foreign debtor files a Chapter 15 case.

  • On February 22, 2017, Ken Rosen, Bruce Nathan, and Mary Seymour presented “The Impact of Increased Private Equity and Hedge Fund Activity on Creditors’ Rights in the Chemical Industry: The New Normal?” during the National Chemical Credit Association Annual Educational Conference.

  • On February 16, 2017, Bruce Nathan presented “Spotting and Reacting to the Warning Signs of a Financially Distressed Customer: Dodging the Bankruptcy Bullet” at the Mitsui & Co. (USA) Credit Conference. The program discussed the early warning signs characterizing troubled companies at risk of a future bankruptcy filing and the available sources of information from which credit executives can learn of these warning signs.

  • At the National Suppliers to Food Processors Credit Group meeting February 14-15, 2017, Bruce Nathan presented “Spotting and Reacting to the Warning Signs of a Financially Distressed Customer: Dodging the Bankruptcy Bullet.” Sponsored by Forius NACM North Central, the program covered the early warning signs characterizing troubled companies at risk of a future bankruptcy filing and the available sources of information from which credit executives can learn of these warning signs.

Publications

Receipt under Section 503(b)(9) Means Physical Receipt: A Mixed Bag for Trade Creditors
Business Credit, September/October 2017
Bruce Nathan, Eric Chafetz
Impact of Cross-Border Court-to-Court Communications on U.S. Creditors’ Rights
Business Credit, July/August 2017
Bruce Nathan, Philip Gross
Receipt Under Section 503(b)(9) Means Actual Physical Possession of Goods: A Victory for the Trade
NACM eNews, July 20, 2017
Bruce Nathan, Eric Chafetz
View More...

Press Mentions

Bruce S. Nathan is quoted in TVNewsCheck regarding a recent United States Supreme Court decision involving the constitutionality of credit card surcharges being passed on to customers by trade creditors. , TVNewsCheck , July 27, 2017
Bruce S. Nathan is quoted in The Finance, Credit, International Business Association’s Newsletter regarding recent cross-border guidelines adopted by Singapore Supreme Court and the U.S. Bankruptcy Court for the District of Delaware to improve the communication and coordination between the courts in multinational insolvency proceedings pending in these jurisdictions , The Finance, Credit, International Business Association’s Newsletter , February 6, 2017
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
View More...

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