Insolvency and Reorganization

Among the top fears of businesspeople today are bankruptcy and lawsuits. Whether it’s your firm suing or being sued, a customer filing for bankruptcy or your own financial distress, the true test of the fortitude of a business and its leaders are in how it responds to circumstances such as these. In many instances, the very survival of your business depends on it. GM&CO has the experience and expertise that will provide the support, advice, knowledge and wherewithal to see you and your company to the proper solution for the problem at hand.

With over sixty years combined experience and serving in approximately 1200 cases, the litigation and insolvency support team stands ready to tackle any case. Mr. Giuliano has received the Certified Insolvency and Restructuring Advisors (CIRA) credentials from the Association of Insolvency Advisors, among approximately 1100 in the country. As a further demonstration of the firm’s background in forensic accounting, Alfred Giuliano and Patrick Mohnacs are Certified Fraud Examiners (CFE), a credential of the Association of Certified Fraud Examiners, an international group of financial investigators.

Accountants for a Debtor-in-Possession

Our team can provide full service accounting during the reorganization of a business or can provide expertise on insolvency related issues only to management while the company continues to work with its existing accounting firm or any degree of work in between. Insolvency and bankruptcy are complex areas within the field of accounting and many firms find that allowing a firm, such as ours, to provide services during this time is mutually beneficial for the client and the accounting firm.
First, the company has a better chance of reorganization by having the benefit of experienced insolvency accountants leading the way and the accountant has a better chance of having a healthy and prosperous client for years to come. Some of the services we provide to Debtors-in-Possession are as follows:

· Projections, plans and related analysis for out-of-court workouts and plans of reorganization
· Secured creditors negotiations including cash collateral orders
· Feasibility analysis
· Consulting on operational and cash flow issues
· Break-even analysis
· Reporting compliance with the U.S. Trustee’s office
· Support for disclosure statement and plan of reorganization preparation
· General and tax claims analysis and negotiations
· Liquidation analysis
· Debt restructuring / financing assistance
· Expert testimony with regard to plan feasibility

Accountants for the Unsecured Creditor or Other Committees

If your company has ever been in the unfortunate situation of having a customer go bankrupt, you know how frustrating the experience can be. There is an opportunity for creditors in Chapter 11 cases to band together and see that their interest is preserved as a case progresses.

As accountants for the unsecured creditor committee or other committees, we provide support to the counsel for the committee and the committee members. This support assists the committee in determining whether the disclosure statement is accurate and if the offer being made by the debtor is fair and feasible. A sampling of the services we provide to Unsecured Creditor and other committees is as follows:

· Cash collateral analysis and adequacy of cash flows
· Feasibility analysis and liquidation valuation
· Preference, insider preference and/or fraudulent conveyance investigations
· Asset searches and verification
· Claims analysis
· Review and testimony for adequacy of new value
· Analysis of plan and disclosure statement
· Support to counsel during negotiations with debtor and other classes of creditors
· Expert testimony with regard to plan confirmation and disclosure hearings

Accountants for Trustee, Debtor in Plan of Liquidation or Disbursing Agent

Our team provides services to a trustee or a debtor in a plan of liquidation that help assure that all assets have been discovered and administered and that all compliance activities have been met as the estate is liquidated for the benefit of creditors. Services that we provide as provide as representatives for fiduciaries entrusted with the liquidation of bankruptcy estates include:

Tax Compliance
· Federal, state and local returns
· Income, payroll, sales and other returns
· Claims analysis and negotiations with taxing authorities
· Requests for prompt assessment of taxes
· Requests for waivers

Asset Recovery
· Preference and/or fraudulent conveyance investigations
· Fraud investigations
· Compilation of support for accounts receivable collection
· Hidden asset searches
· Business valuations

Record Recovery
· Data recovery from computer systems using backup and other extraction methods
· Inventory records
· Analysis for missing records

Litigation Support and Other Services
· Claims verification
· Insolvency analysis
· Support for 2004 examinations and other depositions
· Expert reports, testimony and trial support
· Documenting evidence for criminal referrals