Receivership Receivership Services
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Receivership Services
The Receivership’s responsibility is to find the best management solution for each asset in order to maximize its financial performance. In the majority of business receivership cases, Trigild is the most qualified management solution to operate the asset. With exceptional assets, Trigild may engage and supervise another management company who has a specialty in that particular asset class, and/or the geographical location.
In either case, Trigild's Receivership Services include a detailed “Takeover Report” which provides vital information about the asset, as well as timely, accurate, detailed accounting and reporting.
Consulting
Typically, asset managers want to make informed, intelligent decisions on the direction to take with defaulted asset(s) prior to taking any legal action. To assist them, we perform the following consulting services:
- Enterprise Valuations: Partner with Real Estate Broker to determine potential recovery
- Property & Financials Assessments: Make a hands-on assessment of operations, its competitors, location, and profit & loss statements
Seizure of Assets
A vital initial part of maximizing recovery is knowing where to look for hidden assets, how to go about obtaining them, and getting the banks to provide the information. Trigild 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.
Other assets are also vital to the value and success of the operation. Trigild knows how to quickly take control of the principal asset, as well as vital legal rights like liquor licenses, franchise agreements, and equipment leases that are critical to the overall value of the asset.
Court Reports
Trigild has handled hundreds of Receivership appointments for a wide spectrum of properties and businesses throughout the country. To maximize recovery, The Trigild Receivership / Trustee Team assures the performance of the following actions:
- Assisting a lender's legal counsel in preparing the "Order Appointing Receiver" to assure that all contingencies are addressed by the court in the first hearing, and to avoid repeated trips to court
- Preparing and filing all Receiver's 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 court’s approval and discharge
- All court-required operational bankruptcy reports are prepared by Trigild's management, legal, and accounting teams
Contracting & 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, requires a combination of expertise in both the legal and operational arenas.
Trigild'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 coverages, and adding the location to our master policy if needed
- 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
Licenses & Franchises
Trigild's Receivership Team is experienced is handling a wide variety of licensing and franchising issues, including:
- Renegotiation, termination, or transferring of licenses as appropriate
- Special franchise, liquor, and gaming licensing problems
- Franchise limited license agreements
- Government permits and room tax payments
- Room, sales, and other government taxes
Legal Expertise
Your Receiver makes choices that greatly impact the asset’s financial recovery. Trigild's Receivership Team pays close attention to details, because we understand the true impact of seemingly minor decisions on your recovery.
By offering a combination of Receivership, Management and Disposition Services, Trigild can:
- Provide additional legal points of view
- Get more business done efficiently with fewer errors, thereby saving time, money, and reducing risk
- Help protect the lender from liability
- Expedite discussions with the lender's legal counsel
- Handle most receivership filings in-house to save time and money