RECEIVERSHIP SERVICES
Our responsibility as the appointed receiver is to find the best management solution for each asset in order to maximize its financial performance. Our receivership services include a detailed ‘Takeover Report’, which provides vital information about the asset, as well as timely, accurate, detailed accounting and reporting.
Our Receivership Services include:
- Consulting
- Seizure of Assets
- Court Reports
- Contracts & Leases
Consulting
Typically, asset managers want to make informed, intelligent decisions on the direction to take with defaulted assets prior to taking any legal action. To assist them we perform the following consulting services:
- Valuations: partner with Real Estate Broker to determine potential recovery
- Property & Financial Assessments; make a hands-on assessment of operations, its competitors, location, and profit and loss statements.
Seizure of Assets
A vital initial part of maximizing recovery is to know where to look for hidden assets, how to go about obtaining them, and getting the banks to provide the information. AVESTA has a great deal of expertise in locating and seizing all assets of the receivership/bankruptcy estate, including taking possession of and accounting for all:
- Bank Accounts
- Cash Banks
- Petty Cash
- All other monies and securities
After seizure of assets, we conduct full and accurate auditing of accounts receivable and accounts payable to determine the true financial assets and liabilities.
Court Reports
To maximize recovery, The Avesta Receivership/Trustee Team assures the performance of the following actions:
- Assisting counsel in preparing the ‘Order Appointing Receiver’ to assure the court addresses all contingencies in the first hearing, and to avoid repeated trips to court.
- Preparing and filing all Receivers’ documents and serving all appropriate parties. These include opening, interim, and closing reports.
- Contract renegotiation or termination, as appropriate
- Upon foreclosure, quickly winding up the receivership, preparing the final accounting, transferring licenses and franchises to the new owner, preparing and filing final reports, and securing the courts approval and discharge.
- All court-required operational bankruptcy reports are prepared by Avesta’s Management and Accounting teams.
Contracts and Leases
The terms of contracts and leases can have a major impact on the value and recovery of the assets. Challenges with contracts and leases, or the need to quickly renegotiate terms, require expertise. Avesta excels in this arena.
Avesta’s Receivership Team is highly experienced in dealing with these issues. We handle these potentially complex business matters to make certain every detail is covered including:
- Reviewing of insurance policies and coverage’s
- Reviewing, renegotiating, and accepting or rejecting equipment, ground and rental agreements, as each case dictates.
- Handling all vendor contracts, whether they need to be notified, reviewed, renegotiated, and accepted or rejected.
By offering a combination of Receivership, Management and Disposition Services, Avesta can get more business done efficiently with fewer errors, thereby saving, time, money and reducing risk. As well as help to protect the lender from liability.