Out-of-Court Workout with Creditors
An out-of-court workout with creditors is an arrangement by which creditors agree to accept a reduced payment amount as settlement for the full amount owed. To see what is right for you, we provide a legal and financial analysis to see whether an out of court settlement makes sense both to you and your creditors. We have had many successful results over the years.
For many businesses and professionals, a lack of liquidity or inability to grow due to creditor demands keeps them from successfully resolving their financial problems. As banks and other creditors call loans due, clients begin to have difficulty juggling between them. As the cash held by these businesses and professionals dries up, so does their ability to keep their creditors content. Once liquidity becomes an issue, clients do not have the time or know-how to work with creditors to restructure the debt into a more manageable plan and run their businesses at the same time.
We begin by analyzing a client’s financial situation from the top down. We review clients’ financial information to determine their current financial position. We then analyze the client’s debt from all aspects, including:
After conducting this analysis, we begin negotiating with the client’s creditors to restructure their debt so that they can more effectively run their business while meeting financial obligations.
To the extent that no negotiation or restructuring of the corporation or finances has been or will be successful, a bankruptcy filing or dissolution of the business may be an option. If you’re ready to speak with a professional, contact us today. We have had many successful results over the years. Many important rights may be lost with the passage of time.
Dissolution of a business
William R. Pascoe has more than 40 years of experience helping businesses close their doors in the manner that is most advantageous to the owner of the business with the least amount of impact possible on employees. Typically, this takes the form of an orderly winding up of the business’s affairs until the ultimate dissolution of the business. Alternatively, we may determine that a Chapter 7 bankruptcy to liquidate the assets of a business is appropriate. In either case, we endeavor to limit the impact on the owner’s personal life and finances.