Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
New York Tops List of Cities with Optimal Business Health
Author: Joel R. Glucksman
Date: October 1, 2013
Key Contacts
Back
Some municipalities are faring better than others in the health and vitality of their businesses and consumer spending. A telling sign for the overall business health of improving cities is often the viability of the local economy. Along these lines, a new report reveals which U.S. cities are on their way to full recovery and which may be left behind.
Experian recently released its Metro Business Pulse, an analysis that ranks the top metropolitan statistical areas in four key business credit categories: Municipal bankruptcy rates, the number of days businesses pay their bills beyond contracted terms, delinquency rates, and commercial risk scores. According to the results, New York City had the lowest business bankruptcy rate at 0.28 percent, followed by Nassau, NY at 31 percent and Baton Rouge, LA at 34 percent.
By contrast, companies in Sacramento, CA filed the highest number of bankruptcies during the second quarter of 2013, with 2.41 percent petitioning for relief under Chapter 7 or Chapter 11 of the bankruptcy law. Bakersfield and Riverside, CA placed second and third on the list of bottom five metropolitan areas with high business bankruptcy figures at 2.16 and 1.90 percent, respectively.
The analysis also examined delinquency rates among different geographical locations, which may point to which cities are likely to see a high number of businesses seeking bankruptcy protection due to financial hardship. Businesses in Miami, FL had the highest delinquency rates in the country at 44.72 percent, followed by Fort Meyers and Orlando at 37.19 and 26.78 percent respectively. Businesses in Fort Lauderdale, FL placed fifth on the list, suggesting that many companies in the state may be struggling to meet their obligations and expenses.
Despite the results of the analysis, separate studies indicate that corporate bankruptcy filings have begun to subside as the economy slowly mends and lenders start to open up credit once again.
- Practices: Bankruptcy & Creditors' Rights, Corporate Transactions & Business, Bankruptcy Litigation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Failing to Comply With NJ Rent Control Exemption May Prove Costly
What Developers Need to Know About New Jersey’s Rent Control Exemption Law to Ensure Entitlement to Exemption for Newly Constructed Multi-family Housing. A property owner in Jersey City is facing a $400 million federal class action lawsuit alleging that the landlord did not follow the procedural steps required to be eligible for exemption from local […]
Author: Patrick T. Conlon
Crypto Securities Law: When Tokens Become Investment Contracts
The application of traditional federal securities laws to crypto assets continues to evolve. In some cases, the Securities and Exchange Commission (SEC) considers tokens and other digital assets to be securities. This makes them subject to federal securities law, including the Securities Act of 1933 and the Securities Exchange Act of 1934. This classification has […]
Author: Bryce S. Robins
The Due Diligence Process for NY Condominiums and Cooperatives
While the New York City real estate market can be extremely competitive, moving too quickly often backfires. Before purchasing a condominium or cooperative in New York City, it is important to do you homework. Purchasing property in NYC can involve a dizzying number of legal issues. These include condo and co-op rules, rent restrictions, and […]
Author: Jesse M. Dimitro
Smart Contract Legal Issues: Drafting Agreements for Blockchain
Smart contracts feature a unique blend of legal agreement and technical code. This innovation has the potential to reshape how business is conducted. At the same time, smart contract legal issues around enforceability, jurisdiction, identity, and compliance are common. The legal framework for these self-executing agreements is still evolving. What Are Smart Contracts? Smart contracts, […]
Author: Bryce S. Robins
Are Stay Interviews the Key to Retaining Top Talent?
Retaining top talent continues to be one of the greatest challenges facing employers today. Even in an employer’s market, the loss of a key employee can disrupt operations and result in significant costs. While compensation plays a role, long-term retention often depends on workplace culture, communication, and employee engagement. One increasingly popular strategy for improving […]
Author: Angela A. Turiano
Why Secured Transactions Are Important
Secured transactions form the backbone of a wide range of business dealings, including business loans, mortgages, and inventory financing. Because the stakes are often high and relatively minor oversights can have drastic consequences, lenders and borrowers should thoroughly understand how to form an enforceable security agreement that protects their legal rights. What Is a Secured […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.