District Court of Guam expects rise in bankruptcies due to COVID-19

U.S. District Court (PNC News file photo)

The District Court of Guam, and other bankruptcy courts in the nation,
anticipate a rise in both business and personal bankruptcy filings as a result of
pandemic-related financial and economic stressors that our country is
unfortunately experiencing.

As such, the District Court of Guam, alongside the District Court of the Northern Marianas Islands, Guam Bar Association, and the CNMI Bar Association will host its first Virtual and In-Person Bankruptcy Seminar Series.

This series is open to Bar members, both on Guam and the CNMI, followed by a second seminar series that will be open to Bar members as well as the business and banking community on Guam and the CNMI.

“We offer this educational program to our bar membership – those who will represent local debtors and creditors alike – as well as our business and banking communities, in hopes that our island as a whole will be better prepared for such a wave,” Chief Judge of the District and Bankruptcy Courts of Guam Frances Tydingco-Gatewood said.

During these unprecedented times where the prospect of looming bankruptcy actions is amplified by the global pandemic and economic turmoil facing the islands and the world, the Bankruptcy Seminar Series assists federal and local bar members and the business and banking communities on Guam and the CNMI with how to address bankruptcies as a result of the COVID-19 pandemic.

The purpose of the Bankruptcy Seminars is to provide island bar members with the bankruptcy knowledge and skills necessary to assist both debtors and creditors with the influx of the anticipated wave of bankruptcy filings. In addition, the seminars aim to provide valuable information and guidance to the business and banking community.

The first virtual Seminar in the series — entitled “Building a Bankruptcy Practice” –launches on September 24, 2020 from 8:00 am to 10:00 a.m. (GMT +10) and is only open to members of the Guam and CNMI Bar Associations. Bar members who register with the Guam Bar Association and attend this two-hour series will receive 2 Continuing Legal Education Credits (CLE) and will be eligible to attend the second part of the series at no additional cost.

This presentation, moderated by Judge Daniel P. Collins from the U.S. Bankruptcy Court for the District of Arizona, will focus on educating and providing bar members with necessary skills and tools.