EZKR, the leading full service accounting
and consulting firm in Westchester,
offers the value of deep resources and
attentive service to small to mid-size
companies and high net worth individuals.
Restructuring & BankruptcyRestructuring Profit improvement plans - Analyze operations, profitability, costs and expenses. Develop short-term and long-term action plans. Monitor and update regularly. Help stop the bleeding. Accounts receivable management - Develop an accounts receivable system to monitor accounts receivable and their collection on a daily basis. Purchases and accounts payable management - Develop a system to monitor purchases and accounts payable on a daily basis. Assist in the negotiation of payment terms with vendors. Hidden and underutilized assets - Search for hidden or underutilized assets that could be sold to raise cash. Inventory management - Analyze and determine proper inventory levels. Restructuring of balance sheet - Prepare detailed analysis of balance sheet. Determine what should be sold, what should be abandoned and what debt could be restructured. Meet with lenders and assist in debt restructuring/alternative financing options. Communications - Establishment of a program and guidelines to keep lenders, vendors, key customers, employees and other stakeholders informed. Protecting management from itself - Meet with management; discuss dos and don'ts so as to avoid personal liability. Reorganize, sell or liquidate - Assist management in the determination of whether to reorganize, sell or liquidate. What is the right choice- bankruptcy vs. out-of-court or workout? Bankruptcy Chapter 11 - Debtors' accountants/financial advisors Pre-filing assistance - provide assistance during the pre-filing stage, including gathering of information needed for filing, determining potential liabilities of officers and directors, risks to management. Assist counsel in the development of first day orders. DIP financing - Assist management in the preparation of needed information. Assist in the negotiations with potential lenders. Cash management - Develop a cash management system to monitor cash on a daily basis. Determine cash needs. Prepare and monitor detailed 13 week, 3 month and 6 month cash flow projections on a roll-forward basis. Accounts receivable management - Develop an accounts receivable system to monitor accounts receivable and their collection on a daily basis. Purchases and accounts payable management - Develop a system to monitor purchases and accounts payable on a daily basis. Assist in the negotiation of payment term with vendors. Profit improvement plans - Analyze operations, profitability, costs and expenses. Determine causes of financial failure. Develop short-term and long-term action plans. Monitor and update regularly. Help stop the bleeding. Hidden and underutilized assets - Search for hidden or underutilized assets that can be sold to raise cash. Operating Reports and other filings - Assist management in the preparation of monthly Operating Reports and other court required filings. Solvency analysis and expert testimony - Prepare solvency analysis and if required provide expert testimony. Recovery actions - Investigate potential preferences and fraudulent transfers. Assist counsel in their recovery. Executory contracts - Assist management in determining whether to assume or reject its leases and other executory contracts. Claims review and analysis - Review and analyze claims filed by creditors to determine if proper. Plans of Reorganization/Liquidation - Assist management in the preparation of the plan reorganization or liquidation and related disclosure statement. Assist management in the preparation of feasibility and liquidation analyses. Communications - Establishment of a program and guidelines to keep lenders, creditors, key customers, employees and other stakeholders informed. Creditor and Creditor Committee accountants/financial advisors Cash collateral and cash management - Review and monitor cash collateral. Evaluate debtor's cash management system. Review and monitor debtor's cash needs and cash flow projections. Review of books and records - Review the debtor's books and records to identify areas of concern. Review of controls - Review that the Debtor has established proper controls so as to safeguard its assets. Investigation of causes of failure - Determine the causes of the debtor's failure. Assist in the development of procedures to limit further impairment of the debtor's assets. Investigation of the debtor and its management - Determine if the debtor and/or management acted improperly. Evaluation of Operations - Evaluate and monitor Debtor’s operations; determine that the Debtor is operating efficiently and in the best interest of creditors. Operating Reports and other reports - Review and monitor the debtor's Operating Reports and other filings with the court. Recovery actions - Investigate potential preferences and fraudulent transfers. Assist counsel in their recovery. Communications - Establishment of a program and guidelines to keep lenders, creditors, key customers, employees and other stakeholders informed. Solvency analysis and expert testimony - Review debtor's solvency analysis. If necessary, prepare alternative solvency analysis and if required, provide expert testimony. Plans of Reorganization/Liquidation - Review debtor's plan of reorganization or liquidation. Assist in the preparation of alternatives or Committee's plan. Review/prepare feasibility and liquidation analyses. Negotiations - Assist counsel in negotiating with the Debtor, the plan and distributions to creditors. Chapter 7 Review of books and records - Review the debtor's books and records to determine if there are assets available to satisfy claims of creditors. Marshalling of assets - Assist the trustee in marshalling the debtor's assets. Investigation of the debtor and its management - Determine if the debtor and/or management acted improperly. Solvency analysis and expert testimony - Prepare solvency analysis, and if necessary, required provide expert testimony. Recovery actions - Investigate potential preferences and fraudulent transfers. Assist counsel to the trustee in their recovery. Claims review - Assist the trustee in the review of creditor claims. Preparation of tax returns - Prepare tax returns on behalf of the trustee. Examinerships and Trusteeships EZKR can be retained as or serve as accountants or financial advisors to the following: Examiners under §1104 of the Bankruptcy Code Fee Examiners Chapter 7 and chapter 11 trustees Liquidation trustees Litigation trustees Trustees of trusts established for the benefit of creditors. Disbursing agents |
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