Richard Carmody joined Adams and Reese in 2003 as part of a merger with an Alabama law firm in which he had practiced since 1975. He practices primarily in the area of insolvency law (“C&I”), and has a network of referral sources that he has developed throughout his career. A founding member of the American Bankruptcy Institute, Richard has a nationwide reputation for solid counsel in the field of C&I.
As one of the firm’s principal bankruptcy attorneys, Richard represents clients in difficult financial matters. He also provides counsel to lenders for complex commercial transactions and internal policies. In 1992, he became the first lawyer in Alabama to become certified as a specialist in Business Bankruptcy by the American Board of Certification.
His significant contributions and honors include:
- Representing clients with a broad spectrum of interests in difficult financial situations, including secured lenders in documenting loans and loan work outs, unsecured creditors in bankruptcy proceedings, debtors in bankruptcy reorganizations, trustees in special bankruptcy litigation matters and purchasers of assets from bankruptcy estates.
- Representing clients in Bankruptcy Courts in the three Federal Districts in Alabama, as well as Delaware, New York, Mississippi, Tennessee, Texas and, Arkansas . He has prosecuted and defended financial institutions in federal and state courts on matters involving every facet of commercial law, including the Uniform Commercial Code.
- Providing counsel to lenders and borrowers in complex commercial lending transactions, including forestry and agricultural loans. He has assisted in the development of lending forms and lending policies for financial institutions, most recently assisting a Top 10 bank with marine lending documentation and related policies.
- Induction as a Fellow in the American College of Bankruptcy in 1999, an honor bestowed on just 650 members worldwide according to exacting criteria for insolvency professionals, including demonstrated experience and participation in the development of the law through scholarship (publishing and teaching) and pro bono activities.
- Counsel and planning on complex business transactions involving the purchase and sale of businesses and assets, including real property.
On the state level, Richard helped establish and served as the first Chair of the Alabama State Bar Section on Bankruptcy and Commercial Law and is a member of the Alabama Law Institute’s Committees for revision of the UCC (Articles 3, 4, 4A, 5 and 9).
Nationally, Richard established and served as co-chair of the Ethics Committee of the American Bankruptcy Institute (1999-2005), and he also served as Vice Chair of the ABI's National Ethics Task Force. He also is served as a director and member of the Standards Committee of the American Board of Certification. In 1992, he became the first lawyer in Alabama to become certified as a specialist in business bankruptcy by the American Board of Certification. In 1999, Richard was inducted as a fellow in the American College of Bankruptcy and currently serves as a senior director of the College Foundation, Chair of the Development Committee, and member of the Pro Bono Committee. He is a frequent writer and lecturer on bankruptcy and commercial law topics.
Before attending law school, Richard served eight years as an officer in the United States Army Field Artillery, including two tours in Vietnam. He admires his wife, an Episcopal priest, and two adult daughters (the older of whom also is ordained) “for their dedication to the dignity of every human being.” In his free time, Richard enjoys golf, travel, public service, a variety of spectator sports and reading non-fiction — especially history.
Jefferson County, Alabama Chapter 9 — Represented bond insured of sewer debt in excess of $2.5B. Prior to Detroit's filing, this was the largest Chapter 9 bankruptcy in U.S. history.