Consults ParenteBeard Partner David Duffus on Detroit’s Bankruptcy Filing
July 24, 2022 consulted ParenteBeard Partner David Duffus on Detroit’s bankruptcy filing last week, topping the list as the biggest American city to file bankruptcy with more than $18 billion in accrued obligations.

Mr. Duffus said the availability of credit in the city of Detroit is concerning. He questions what will be the cost for the city to issue bonds.

He also mentions the outcome of the city’s taxes as a new issue. “There is a mismatch between the revenue that is coming in and the expenditure going out,” Duffus said. “Taxes have an economic impact on everything that is affected.”

Further, Mr. Duffus points out that with fewer residents and less disposable income, the remaining residents are now forced to pay legacy costs.

A key leader in the firm’s forensic, litigation and valuation services group, Mr. Duffus specializes in complex litigation services, forensic accounting and valuation services assignments. He has provided expertise in bankruptcy and troubled company matters; construction disputes; economic damage claims; fraud and forensic investigations; healthcare fraud and abuse; professional liability claims; real estate disputes; shareholder and partnership disputes and tax disputes.

More on Mr. Duffus’ insights and the Detroit bankruptcy filing.