Patrick Collins

Bankruptcy & Restructuring

Partner | 516-227-0649 | pcollins@farrellfritz.com

LOCATION: Uniondale

Patrick Collins concentrates in bankruptcy & restructuring and commercial litigation. He represents debtors, lenders and other creditors, trustees, committees, asset purchasers, unions, landlords and other contract counterparties and other parties involved in all aspects of bankruptcy proceedings and out-of-court insolvency matters, including workouts.

Pat frequently defends clients in preference and fraudulent conveyance recovery actions and other litigation arising out of bankruptcy proceedings.

He assists vendors in collecting debts from customers in the State of New York by suing to obtain judgments, collecting on judgments through enforcement procedures and remedies provided under New York State and federal law and structuring settlements to maximize creditor recoveries.

He has also represented banks and other institutions in non-bankruptcy commercial litigation involving the Uniform Commercial Code or where solvency-related issues are anticipated.

Pat frequently handles litigation and insolvency matters pro bono for charitable organizations and indigent individuals. He is a speaker or contributing author for numerous continuing legal education programs.

What kinds of bankruptcy matters do you typically handle?

It’s a truism that there is no “typical” bankruptcy case. Each case presents unique challenges.

While our experience is not limited to one industry, we have gravitated toward healthcare-related bankruptcy cases. Many hospitals and other healthcare facilities in the New York City metropolitan area have needed to seek bankruptcy relief in the past several years, and the trend may continue for several more years. We have developed substantial expertise regarding how these businesses operate, which allows us to handle healthcare bankruptcies efficiently.

I find representing parties seeking to purchase assets of companies in bankruptcy to be particularly rewarding. Bankruptcy asset purchase transactions can be a means for a client with some capital and that is willing to make decisions quickly to rapidly expand is business. For example, in 2008 we guided a large nutritional supplement company through the process of acquiring the assets of one of its primary competitors that was in bankruptcy. The transaction saved many jobs and resulted in our client obtaining valuable product lines.

Recently, we have represented creditors holding large claims in a number of Chapter 11 bankruptcy cases of individuals. The Bankruptcy Code contains several provisions applicable only in Chapter 11 cases of individuals that often permit unsecured creditors to exert a substantial amount of control over the outcome of the case.

“We get straight to the heart of the issue and give the client the right advice in a straightforward manner.”

What are the typical challenges facing your clients?

We often represent creditors who want to keep doing business with a financially troubled company, whether or not that company is in bankruptcy, but are reluctant to accept payment of less than the full amount owed. I help the client devise ways to get paid. Sometimes, when you’re competing with other creditors, you have to try to get to the head of the line. We give the client our frank opinion on the likelihood of obtaining a meaningful recovery, which permits the client to make an informed decision on how to proceed.

Why is pro bono work so important to you?

The reality is there are a very large number of people who need legal assistance who can’t afford it. My pro bono work is just a small contribution to address a large need.

What makes Farrell Fritz stand out from other area law firms?

We are very good at what we do. We get straight to the heart of the issue and give the client the right advice in a straightforward manner. We develop a great relationship of trust with our clients. They come back to us for that reason. We have a very deep pool of talent. Almost every bankruptcy case raises substantive issues in other areas of law, so we call upon the skills of lawyers in other practice groups at the firm, with favorable results for the client. We have a great group of people who work well together.