Bankruptcy Services

Our bankruptcy services can assist your company in planning, organizing and preparing financial documents, whether it is the debtor or creditor in the legal proceedings. We hold some of the most sought-after and specialized certifications in the industry, including Certified Insolvency and Restructuring Advisor (CIRA), Certified Fraud Examiner (CFE) and Certified Valuation Analyst (CVA).

Our bankruptcy professionals guide debtors, creditors, receivers, trustees and attorneys through intricate accounting and tax matters. We do this by:

  • Assisting clients in the preparation of budgets, forecasts, financial statements, cash flow projections and other court-required documents
  • Formulating and evaluating reorganization and restructuring plans
  • Investigating solvency issues and undertaking solvency analyses
  • Identifying fraudulent transfers, preferential transfers and improper insider transactions

The following information describes our approach in working with various parties in a bankruptcy proceeding.

Bankruptcy Services: Debtors

  • Analyze the viability of the company
  • Assemble a financial information package to inform creditors of the debtor’s financial condition and turnaround plans
  • Obtain out-of-court concessions from creditors
  • Assist in the preparation of monthly financial statements that are to be filed with the courts, such as balance sheets, income statements and schedule of payroll deposits
  • Formulate a plan of reorganization
  • Evaluate the effect of immediate liquidation instead of reorganization
  • Draft the disclosure statement

Bankruptcy Services: Creditors or Trustees

  • Analyze the viability of the debtor
  • Investigate causes of the failure and the development of controls to limit further impairment of assets
  • Analyze feasibility of the debtor’s plan
  • Assist creditors in formulating plan of reorganization
  • Analyze whether the plan satisfies the best interest of creditors test
  • Determine how much the creditors would receive in Chapter 7 liquidation
  • Evaluate the financial information contained in the disclosure statement
  • Review professional fee applications
  • Investigate the debtor’s books and records to determine if the following occurred:
    • Improper insider transactions
    • Fraudulent transfers of assets prior to or during bankruptcy
    • Accuracy and reliability of previously issued financial statements
    • Status of collateral assets (e.g., accounts receivables and inventory)
    • Determination if assets are understated and liabilities overstated as reflected on post-petition financial statements
    • Misappropriation of cash and other assets

For more information about bankruptcy services at Skoda Minotti, please complete the form below or call 440-449-6800.

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Howard Klein
CFE, CIRA, CVA, CPA
Partner

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Litigation advisory services are highly specialized and require not only detailed and technically sound analysis, but also the capacity to devise practical solutions to difficult challenges and effectively communicate the results of the work performed. Our team does just that.

Sean Saari
Partner

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