Corporate Recovery & Insolvency Services When a business is having problems paying its bills or redeeming its shares (in the case of mutual funds), has defaulted on it's loans, and mortgages or facing massive legal settlements, it may eventually need the services of an Insolvency Practitioner. Our Firm has extensive experience in Corporate Recovery & Insolvency Services. We have provided services to a variety of businesses such as offshore banks, insurance companies, a surety business, a mutual fund company and its management company, an investment company; a conglomerate of retail childrens clothing stores; a wholesale distributor of consumer drugs; a construction firm;  a fast food restaurant, real estate companies and a hotel. Receiverships, allows a business the opportunity to possibly reorganize itself by appointing a Receiver to collect its receipts and to pay its creditors.  Alternatively, they can appoint a Receiver and Manager with more broader powers to manage the business and sell its assets, to meet the claims of secured creditors.  Once secured creditors are paid, if there are any assets left, the owners can continue to operate the business. Liquidations on the other hand, stops the operations of a business. The winding up of a company is generally initiated by either or both of the following reasons: To ensure a just distribution of its assets; and To terminate its existence by its eventual dissolution. Creditors usually do not receive 100% of their claims in a Liquidation that is Compulsory (Court Supervised) or even Voluntary, where there are many hostile legal actions being pursued.  A lot of resources are used to pay attorneys, agents and liquidator's costs due to extensive litigation. On the other hand, a company that wanted to liquidate voluntary because the purpose for which it was formed no longer exist and it has no or a few creditors and no hostile legal actions against it, could be liquidated quickly and with minimum cost. Our fees are usually on time spent, based upon the hourly rate of the employees assigned to your engagement, plus out-of pocket costs.  However, we do quote fixed fees if we are realistically able to estimate the time to complete the assignment. A deposit is required at the time of executing our engagement letter.  In all cases an Indemnification Contract is also required. Insolvencies where there are significant fixed assets such as real estate, ships, aircrafts, oil refineries and the like and may involve different jurisdictions, and require significant effort to convert these assets into cash, are usually billed on time spent, plus out of pocket costs. Insolvencies where fraud is suspected and special investigations have to be performed to trace and recover assets, which may be located in different jurisdictions, and require significant effort to convert these assets into cash, are usually billed on time spent, plus out of pocket costs. Insolvencies where there are significant litigations which may also involve different jurisdictions, and require significant effort to convert these assets into cash, are usually billed on time spent, plus out of pocket costs. Below you can review a Power Point Speech by Jeffrey Beneby, on Corporate Recovery & Insolvency Services, made at the recent Accountants Week Conference of The Bahamas Institute of Chartered Accountants. This will take a few minutes, so please be patient and follow the two prompts to open the file before you review the slides. If you are using a wireless network, it is recommended that you download these files from a computer directly connected to the wireless router. These files are virus free and are safe to download.   Call or email us today if you can benefit from our Corporate Recovery & Insolvency Services. Corporate Recovery & Insolvency Speech to The Bahamas Institute of Chartered Accountants