More than 70 asbestos industry companies have filed for and entered bankruptcy in the past 30 years, more than half in the past decade. When an asbestos company seeks protection from bankruptcy court, all legal actions against it are deferred until the bankruptcy courts approve a reorganization plan. The majority of these reorganization plans involve a settlement trust created to process asbestos personal injury claims and disburse compensation monies.
Motley Rice attorneys work with the bankruptcy courts and settlement trusts to ensure that asbestos companies involved in the bankruptcy and reorganization processes retain their accountability and compensation obligations to asbestos victims.
A Focus on Asbestos Victims
Motley Rice co-founding member Joe Rice has been an instrumental figure in developing and negotiating structured settlements with asbestos manufacturers emerging from bankruptcy. He has worked on multiple Asbestos Creditor Committees, Negotiating Committees and Trust Advisory Committees and held numerous leadership roles as chair or co-chair. His role with the asbestos bankruptcies, along with the contributions of other Motley Rice attorneys, gives our firm the in-depth knowledge and experience to help asbestos victims receive fair and timely recovery from asbestos manufacturers.
The Asbestos Claims Process
Our lawyers and extensive team of claims administrators work with asbestos claimants to guide them through the bankruptcy claims process from start to payment disbursement.
The claims process begins with the filing of claims against the settlement trust. Each settlement trust outlines specific medical and asbestos product identification requirements. Motley Rice lawyers assist with the preparation and management of claim requirements as the trust itself does not typically support the preparation of medical and exposure information and documentation.
Once a claim is approved, the payment from the trust is generally based upon a predetermined percentage of the claim's settlement value. The percentage of the claim is determined by various asbestos trust negotiating and advisory committees.
For more information on asbestos bankruptcies, contact attorney John Baden by email or call +1 800.768.4026. Click here to access our co-counsel extranet.
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