We are a subcontractor to Katerra, who recently declared bankruptcy and we are still owed money from a job that we completed in late April. Aside from securing our claim with a lien, what can we do to ensure we do not get burned?
First, threatening to file a mechanics lien could be enough to force payment. Notices of Intent to Lien make that threat, plus the document is generally sent to the customer, to the GC, to the owner, and to anyone else who's involved with the project and may be in a position to make payment. So, even if Katerra has gone bankrupt, sending a Notice of Intent to Lien to their customer and anyone else up the payment chain (including, potentially, a lender or an architect) could still force those other parties to discuss payment options. More on that here: What is A Notice of Intent to Lien And Should I Send One?
On that same token, filing a mechanics lien secures the debt against the project property. So, even if the GC goes out of business, the owner of the property will generally still have to deal with the lien. If there's a lender or other party involved at the top of the chain as an investor, a lien claim could carry additional weight, too. For discussion on all the ways mechanics liens work to force payment: How Do Mechanics Liens Work? 17 Ways a Lien Gets You Paid.
Beyond lien rights, it can be hard to secure payment in the face of a customer going bankrupt. For one, placing a claim with the bankruptcy estate would likely be wise. Consulting with a bankruptcy attorney would help with that, plus they'll be able to give you an honest opinion about the likelihood of recovery via that route.
Additionally, contacting the property owner about payment could be useful too - potentially even before threatening or actually filing a mechanics lien. It's possible they'd consider making payment to avoid the whole mess. Further, there's a chance that legal claims against the owner might be appropriate (or at least conceivable enough to threaten suit). Granted, subcontractors will often struggle to bring suit directly against owners when it's the GC who's failed to pay and gone out of business.
In any event, consulting with a local construction lawyer would help to identify potential avenues for recovery, beyond mechanics lien rights. For help contacting a Georgia construction lawyer, this directory should be useful: Top Georgia Construction Lawyers.