Fiduciary, ABC & Receiverships

Maximizing the Return on the Debtor’s Estate or Assets as Receiver, Assignee in an ABC, Trustee, or Responsible Party

In our capacity as Fiduciary, we leverage the range of our firms’ resources to effectively and efficiently resolve the issues unique to each estate. Our primary service lines can be brought to bear in an integrated and seamless fashion for the benefit of the estate. We are regularly appointed by the Court as Receiver, Trustee, Liquidating Agent, Plan Administrator or in some other Fiduciary capacity.

In other situations, we are also retained by a Court-Appointed Trustee and Receivers to execute specific tasks, such as liquidating real estate holdings, handling forensic accounting services or providing litigation support services.

Maximizing the Return

Our overriding goal is to marshal funds and develop and execute a strategic plan to maximize the return on the debtor’s or estate’s assets. As fiduciary we are often charged with:

• Assessing the value of assets
• Developing reorganization or liquidation plans
• Winding down business affairs
• Selling orphan assets
• Negotiating with claim holders, such as taxing authorities
• Investigating actions of prior management
• Monitoring long-standing litigation
• Pursuing litigation and causes of action
• Pursuing recovery activities and resolving claims
• Arranging for distributions
• Preparing financial reports and tax information for the estate

GlassRatner’s role as a Fiduciary has always been a cornerstone of our business. We have sold unusual and difficult-to-liquidate assets such as pollution credits, collected on foreign receivables and disassembled plants for sale in Asia.

In-Depth & National Experience When It Comes to Receivership Services

A Receiver is a person or company appointed to act as a neutral third party to preserve, protect and if possible, enhance an entity’s tangible and intangible assets when there is a dispute between parties. Receivers are commonly used for real estate, which often is the collateral for a defaulted loan, however, Receivers can also be appointed for operating businesses and in some cases both (i.e., hotels). We have been Receivers for a wide variety of real estate assets and businesses. The Receiver can be appointed by a government regulator, a court or can be agreed to privately.

Once the Receiver has been appointed, they typically take control of the underlying asset and step into the proverbial shoes of the owner(s) as it relates to operating the asset(s). The receiver typically performs the necessary inspections to identify critical physical, environmental, legal and economic issues and liabilities. The Receiver will determine the most appropriate management, leasing structure, accounting and reporting platform, and in some cases the disposition strategy to maximize collateral value.

Assignment for the Benefit of Creditors (ABC)

In cases where a client is considering an Assignment for the Benefit of Creditors (ABC) option, we are uniquely qualified to assess the viability of an ABC and execute the plan. We have been the assignee for both private and public companies and are well-known and respected as one of the top assignees in the US. In a typical ABC we are responsible for;

• Notifying, updating, and maintaining open communication with secured creditors
• Returning facilities to landlords
• Managing a claims process
• Conducting an accelerated going concern, specified asset, or piecemeal liquidation process
• Collecting accounts receivable
• Completing final tax returns
• Closing accounts with state and local taxing authorities
• Storing company records in compliance with regulations
• Winding down 401k plan