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 Bankruptcy Services |
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Understanding the underlying financial issues is the key to charting a clear course of bankruptcy action.
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Creditor Committees and Trustees
• Analysis of business operations and performance of agreed upon procedures, as necessary
• Search for potential preferential payments and fraudulent transfers
• Review of financial books and records for suspicious or unusual transactions warranting further attention
• Critique financial projections and other information prepared by the debtor to be included in a Plan of Reorganization and/or Disclosure Statement
• Advise the Committee regarding the feasibility of the Plan of Reorganization and provide financial guidance regarding alternative scenarios
• Assist the creditors in receiving the largest possible payment in the shortest time period
Debtor-in-Possession
• Validate the stated reasons for the bankruptcy filing to ensure that the debtor company has a viable, core business. If not, can one be created?
• Assist the debtor’s representative in the preparation of monthly operating reports
• Ensure the filing of all necessary tax returns
• Work with the debtor’s representatives in the preparation of a feasible Plan of Reorganization and a Disclosure Statement that is acceptable to the Bankruptcy Court
• Provide expert testimony
• Assist the debtor in the analysis of its operations to provide for a more efficient and profitable organization
• Analyze monthly operating reports to ascertain business trends and issues warranting further investigation
• Assist in claim administration
• Income tax consulting to preserve tax attributes, where appropriate
Judiciary and Court Retention
• Report to the court on various issues including fraudulent transfers, corporate integrity, insider/related party transactions, valuation issues, core business viability, among others
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Successfully navigating the bankruptcy process requires the financial and business acumen to gain control over significant case issues. For this reason, it is critical to work with a financial advisor who has the specialized expertise to uncover the fundamentals at the center of the case and recommend the appropriate strategy.
Margolin, Winer & Evens LLP is an expert at bankruptcy management. Our specialized Bankruptcy Services Practice Group provides troubled companies, their shareholders and legal representatives with critical capabilities in resolving virtually any type of bankruptcy proceeding.
Founded in 1946, MWE is one of the largest accounting and business advisory firms in the Northeast. Our bankruptcy specialists are fully knowledgeable in the complex areas of bankruptcy and corporate turnaround services, and are among the most highly regarded bankruptcy resources in the New York-Metro area. Over our many years of practice, we have represented Unsecured Creditors’ Committees and Debtors-in-Possession as their accountants and financial advisors, and have served as Examiner to the Bankruptcy Court as well as forensic accountant to Chapter 7 and 11 Trustees.
At MWE, we have the extensive business experience and knowledge of financing alternatives to assist financially troubled companies and their creditors prior to filing. In conjunction with workouts and turnarounds, our services may also include negotiating a short-term creditor payment moratorium, a composition agreement or a pre-packaged plan. Our goal is the development of an equitable workout plan that is beneficial to all parties.
Regardless of the constituency represented, the successful resolution of a Chapter 11 usually entails several fundamental issues, beginning with the viability of the debtor. We provide the meaningful information necessary to assist all concerned parties in making sound judgments regarding viability.
Preliminary steps include evaluating the factors contributing to the debtor’s current financial condition and future viability, and the preparation and analysis of business plans and financial projections to determine the feasibility of a reorganization.
If a reorganization is deemed feasible, MWE provides complete financial analysis regarding viability of the new enterprise, including identification of profit-enhancement and cost-reduction opportunities, evaluation of the optimal scope and scale of operations, and preparation of cash flow projections and determination of enhancement opportunities.
Tax implications can have a significant impact on the decisions made by a debtor company and its creditors. Inadequate planning can produce devastating effects on the financial condition of all concerned parties. At MWE, thorough tax planning is a critical element of the reorganization process to ensure that future business viability is not negatively impacted by unforeseen tax ramifications. Our tax planning services focus on identifying, evaluating and resolving all tax issues relevant to the bankruptcy proceeding, such as those associated with net operating losses, gains taxes, and income from cancellation of indebtedness.
Our highly skilled forensic accounting experts can also assist in the critical function of locating and tracking any diverted funds or assets of the debtor. Our capabilities include identifying potential recovery actions such as preferential payments to creditors, reversible insider transactions or fraudulent conveyances, determining the existence and location of misappropriated assets, etc.
MWE can also help determine the answers to critical questions common to many bankruptcy proceedings. What amounts are unsecured creditors likely to receive upon liquidation and confirmation of the Plan of Reorganization? Are offers by outsiders to acquire the debtor or its assets reasonable? Is the Plan confirmable?
At MWE, the business of bankruptcy consulting is a highly specialized discipline. The professionals who comprise our Bankruptcy Services Practice Group represent the highest standards of excellence and achievement in the field. Many are active in leading professional associations and serve on specialized committees in order to remain current with new industry trends and developments. Senior group members also frequently lecture to trade and professional organizations and contribute articles to leading journals and business publications.
Among the organizations in which the MWE Bankruptcy Services Practice Group maintains an active involvement are the American Bankruptcy Institute, American Society of Appraisers, Association of Certified Fraud Examiners, Association of Insolvency and Restructuring Advisors, Institute of Business Appraisers, National Association of Bankruptcy Trustees, National Association of Certified Valuation Analysts, New York Institute of Credit and the Turnaround Management Association.
Although the economic interests driving the respective parties are diverse, many issues arise in a bankruptcy proceeding which impact all parties. MWE has the experience and expertise to provide the information and in-depth analysis necessary for the timely, successful resolution of the proceeding. We call this turning vision into value. You’ll call it one of the best decisions in your bankruptcy case strategy.
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