Sears Consult LLC
Liquidation and Asset Management Professionals
 

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  • Trustee and Plan Administration
  • Claims Management and Resolution
  • Recovery of NOL Tax Advantages
  • Litigation Management
  • Asset Management Accounting and Distributions
  • Creditor Committee Representation

 

Services

Sears Consult LLC works with the Client and its professional advisers to help determine its needs and achieve the best business closure or reorganization. If bankruptcy is not yet necessary, we may be able to help the Client consider new approaches to turning the business around.

We complement the Client's existing legal and financial advisers with professionals able to fulfill the range of liquidation and asset management responsibilities described below.

Trustee and Plan Administration

A critical point in bankruptcy proceedings is the appointment of a Trustee by the Bankruptcy Court. We offer an experienced team that can serve a range of functions, including Liquidating Trustee, who marshals the Client's assets for a final distribution to creditors, and Plan Administrator, who coordinates and implements the plan of reorganization.

If the goal is to continue in business with a renewed financial structure after operating as a Debtor-in-Possession, we can help guide the Client through the myriad of steps that lead to a Bankruptcy Court-approved and confirmed Reorganization Plan.

Claims Management and Resolution

The Client will likely find that it has far more creditors than it anticipated. Our claims resolution process can identify and track creditors, winnow their numbers, and reduce the size of monetary claims, ultimately increasing the payout to creditors and, in some cases, to shareholders.

Recovery of NOL Tax Advantages

If its business has been facing difficulties for some time, the Client may find that the corporate entity or a subsidiary has a Net Operating Loss under relevant tax laws of the jurisdiction in which it was operating. These NOLs can sometimes be converted to a real asset; for example, by combining the business entity with a profitable company that can offset the NOL against its profits to reduce its taxes.

Litigation Management

While Clients are naturally concerned about being sued by creditors, they may not be aware of the protections and options available to them under Bankruptcy laws. The Bankruptcy filing usually results in the issuance of a stay, which prohibits the continuation of any old lawsuits or the start of new cases against the business. Moreover, the Client may be able to file lawsuits against other parties to retrieve money owed to the business. We can help the Client identify receivables and other hidden assets and recover such funds.

Asset Management Accounting and Distributions

In parallel with identifying and collecting all assets due the corporate estate and negotiating with creditors to reduce and settle the amount of their claims, the Client needs to ensure that the assets in its possession are properly accounted for and positioned in order to make distributions to its creditors and shareholders. We can assist in: preparing appropriate recordkeeping for purposes of periodic reports to the US Trustee or to others; issuing required tax notifications, such as grantor letters and Forms 1099; tracking the proper amounts for initial, interim, and final distributions; and sending out distributions and appropriate documentation.

Creditors' Committee Representation

The US Trustee may appoint a committee of unsecured creditors, which may exercise a number of duties and powers. Your Client, or a creditor, will need an experienced professional to attend Creditors' Committee meetings. We are available to be appointed to Creditors' Committees, and will provide timely advice and reports.


98 Epping Road, Suite 26 - Exeter, New Hampshire  03833
 
Phone: (603) 773-0153 Facsimile: (603) 772-8426 Email:

 

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