Welford, Jay


  Southfield, Michigan, USA
 +1 248 351 3000
 +1 248 351 3082
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J.D., Wayne State University Law School, 1982

 

Professional Experience

Jay was admitted to practice law in Michigan in 1982. He is Co-Chair of the firm&rsquos financial services practice group, and has focused his practice in the areas of bankruptcy, finance, creditors&rsquo rights and corporate law. Jay chairs the Legislative Committee of the nation&rsquos largest creditors&rsquo rights organization, the Commercial Law League of America, and has held numerous offices within that organization. Jay is at the forefront of the bankruptcy reform process currently ongoing in Washington, having made several appearances before the House and Senate, and having testified on numerous occasions on issues relating to bankruptcy reform.

 

Areas of Emphasis

 

Bankruptcy and Insolvency Law

Jay has represented lenders, creditors committees, debtors, lessors and a myriad of other parties in bankruptcy and insolvency transactions, involving very diverse product and service areas, including automotive, retail, industrial, construction, distribution and franchising.

 

Loan Origination

Jay has represented numerous banks and other financial institutions with respect to the origination of loans to borrowers engaged in various business sectors.

 

Loan Workout

Jay has handled a multitude of loan workout transactions on behalf of various clients, both lenders and debtors, including forbearance arrangements, surrender agreements, assignments for the benefit of creditors, trust mortgage arrangements, deed in lieu transactions, claim and delivery proceedings and foreclosure actions.

 

General Corporate

Jay also has a significant general corporate practice, representing numerous large and small businesses. Jay has a specific expertise in the representation and formation of businesses

 

Equipment Leasing

Jay represents a variety of leasing companies with respect to the normal spectrum of leasing activities, including lease origination and recovery.

Memberships/Associations

 

* Member, American Bankruptcy Institute

* Member, Commercial Law League of America

* Bankruptcy and Insolvency Section, 1984 - Present

* Executive Council, Bankruptcy and Insolvency Section, 1991 - 1998

* Treasurer, Executive Council, Bankruptcy and Insolvency Section 1998-1999

* Executive Council, Young Members Section, 1987-1989, 1991-1993

* Bankruptcy Rules Committee, 1989-1990, 1993 - Present

* Legislative Committee, 1990 - Present

* Co-Chair National Conference of Bankruptcy Judges Committee, 1993 - 1997

* Chair, Legislative Committee, 1995 - Present

* Member, Detroit Bar Association

* Member, State Bar of Michigan

* Creditors' Rights Committee

* Member, American Bar Association

* Member, Commercial Finance Association

* Education Foundation Advisory Board, 1992-1993

* Member, Equipment Leasing Association

 

Publications

 

* Co-Author: "The Bankruptcy Amendments and Federal Judgeship Act of 1984," 63 Michigan Bar Journal 775, 1984;

 

* Co-Author: "The Effect of the Bankruptcy Amendments and Federal Judgeship Act of 1984" on the Real Estate Practitioner, 11 Michigan Real Property Law Review No. 3 (Fall, 1984);

 

* Co-Author: "Treatment of Land Contracts in Bankruptcy - Executory Contracts or Liens", 11 Michigan Real Property Law Review No. 4 (Winter, 1984);

 

* Co-Author: "Charting the Way to Perfecting Post-Petition Construction Liens", The Bankruptcy Strategist, Volume III, Number 4, February, 1986;

 

* Co-Author: "Creditors' Committee: Right to Initiate Suits", The Bankruptcy Strategist, Volume III, Number 10, August, 1986;

 

* Co-Author: "Lost Opportunity Costs Denied by Fifth Circuit", The Bankruptcy Strategist, Volume III, Number 12, October, 1986;

 

* Author: "An Overview of the Bankruptcy Judges", United States Trustees and Family Farmer Bankruptcy Act of 1986, 13 Michigan Real Property Review No. 4 (Winter, 1986);

 

* Author: "Undersecured Creditor Denied Interest", Lost Opportunity Costs, The Bankruptcy Strategist, Volume IV, Number 7, May, 1987;

 

* Author: "Unpaid Administrativ Claimant's Ability to Obtain a Surcharge", The Bankruptcy Strategist, Volume V, Number 1, November, 1987;

 

* Co-Author: "WARN Poses Hurdle for Distressed Firms", The Bankruptcy Strategist, Volume VIII, November, 11, October, 1989.

 

Seminars and Lectures

 

* Oakland University, Division of Continuing Education, CPA Weekend, Corporate Reorganizations Under Chapter 11 of the Bankruptcy Code: The Role of the Accountant for the Chapter 11 Debtor (June 8, 1985; June 6, 1987);

 

* National Business Institute, Creditor Rights and Protection of Security Interests in Bankruptcy (August 2, 1985);

 

* Professional Education Systems, Inc., Bankruptcy Litigation & Practice in Michigan (April 29, 1987);

 

* Midwestern Regional Conference of the Commercial Law League of America, How to Collect the Uncollectable - Recovery of Fraudulent Conveyances Under the Bankruptcy Code and Under the Uniform Laws (March 22, 1988);

 

* 69th Eastern Regional Meeting of the Commercial Law League of America, Guarantor Liability - Issues Arising Under the Bankruptcy Code and Regulations B and Z (November 17, 1989);

 

* Midwest Regional Conference of the Commercial Law League of America, Negotiating Cash Collateral and Interim Financing Orders -- The Unsecured Creditors vs. The Secured Lender (April 11, 1992).

 

* Midwest Regional Conference of the Commercial Law League of America, The Use of Experts in Chapter 11 Proceedings (March 26, 1993).

 

* First Annual Bankruptcy Law Update (Law Education Institute and The Bureau of National Affairs), Guarantor Liability - Issues Arising Under the Bankruptcy Code (January 11, 1994).

 

* 75th Regional Meeting of the Commercial Law League of America, What the Bankruptcy Review Commission Should Consider (November 17, 1995)

 

* 77th Regional Meeting of the Commercial Law League of America, Overview of the National Bankruptcy Review Commission&rsquos Official Report (November 21, 1997)

 

Testimony and Appearances

 

* Testimony before the National Bankruptcy Review Commission, Washington, D.C., February 20, 1997

 

* Testimony before the National Bankruptcy Review Commission, Washington, D.C., May 14, 1997

 

* Testimony before the Administrative Office of the U.S. Courts, Advisory Committee on Bankruptcy Rules, Washington D.C., January 28, 1999

 

* Meeting with representatives from the House and Senate Conference Committee regarding HR 3150, Washington, D.C., September 29, 1998

 

* Meeting with representatives of the Clinton Administration Regarding HR 3150, Washington, D.C., September 29, 1998

 

* Meeting with representatives of the House Judiciary Committee, the Senate Judiciary Committee, the Department of Justice, the Legislative Affairs Office of the White House, the Department of the Treasury and the Clinton Administration regarding Bankruptcy Reform, January 28, 1999

 

Education

Wayne State University, J.D., 1984

University of Michingan, B.B.A., 1979