Richard H. Fimoff

Richard H. Fimoff

Shareholder

P: 312.456.0185
E: rfimoff@rsplaw.com

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Whether as a creditor or a debtor, dealing with financial insolvency in business can be intimidating. Richard views his job as one of an advisor, counseling business owners in this area, one that few owners have experience or expertise.

Richard’s creditor clients look to him to assist with numerous issues that arise in dealing with a financially unstable business, such as:

  • contract performance
  • recovery of goods
  • bankruptcy and avoidance actions
  • setoffs
  • continued dealings
  • and maximizing recoveries while minimizing losses

Richard debtor clients often compare him to a doctor for their ailing company, suffering from critical, and often life threatening problems. He believes that without identification and correction of the underlying cause of the company’s financial distress, any relief provided by debt reduction is just a temporary salve. Like most temporary pain relief remedies, debt reduction alone masks but does not cure the real problem. Richard works with a company’s management and other professionals to identify and create a treatment plan to correct the underlying weakness.  He partners with companies to develop and implement short, mid and long-range strategies, which are regularly updated.

Unfortunately in business, as in life, there isn’t always a happy ending. Sometimes, notwithstanding everyone’s best efforts, the business doesn’t survive. In those situations, Richard’s knowledge and experience can assist with winding down the business, the cessation of operations and easing the owner’s pain by assuring exposure of their personal assets is minimized.