One of Your Corporate Clients Has Recently Filed for Bankruptcy

question 68

Essay

One of your corporate clients has recently filed for bankruptcy. In the course of the proceedings, you (a)prepare a plan of reorganization that alters the rights of preferred stockholders, (b)notify the company's creditors of an impending bulk transfer of the company's assets, (c)review IRS secured claims against these assets, (d)restructure the company's debt by reducing its principal amount and extending its maturity, and (e)advise the bankruptcy court as to how this restructuring will impact the company's NOLs. Which of these activities, if any, constitutes the unauthorized practice of law?

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Definitions:

Opiate Drugs

Substances derived from the opium poppy, used medicinally for pain relief but associated with high potential for addiction and abuse.

Over-responsiveness

Excessive or exaggerated reaction to stimuli.

Benzodiazepines

A class of psychoactive drugs used primarily for treating anxiety, insomnia, and for the induction of anesthesia.

Xanax

A prescription medication used to treat anxiety and panic disorders, known generically as alprazolam.