Workout Experts for Financially Distressed Companies The The McCandless Law Firm

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Workout Experts for Financially Distressed Companies
The The McCandless Law Firm is among Northern California’s most experienced workout specialists for creditors, boards, investors and executive management of financially distressed companies. Workouts include managed, out-of-court business terminations as well as an Assignment for Benefit of Creditors (“ABC”), a recognized liquidation path governed by state instead of federal bankruptcy law.
Managed liquidations are the preferred path
Managed liquidations are an option for distressed companies whose assets exceed or are approximately equal to their liabilities. These companies have the luxury of terminating their operations, selling assets, negotiating satisfactory settlements with secured and unsecured creditors, distributing any excess funds to investors, and winding down the company in an orderly fashion, all outside of bankruptcy court. This is the fastest and least expensive approach to a business termination, and the most desirable option for investors and management. The The McCandless Law Firm has extensive experience in both managing these liquidations as well as monetizing assets through our Asset Sale process.
ABC: A proven business termination path for insolvent companies
An ABC is an established, state-sanctioned methodology and process for liquidating a company that is insolvent without undergoing the delays, costs, and constraints of bankruptcy. Companies electing an ABC as the strategy for termination select an assignee and enter into an agreement whereby the assignee assumes control over the company’s assets and liabilities, and then executes a complete liquidation by selling assets and satisfying creditors. Management and investors are relieved of the cost and liability of liquidating the company themselves and results are typically achieved in less time than through a formal bankruptcy petition.
The The McCandless Law Firm difference—qualified and committed
We provide the operating manpower to ensure the company is properly managed through the entire liquidation process. The The McCandless Law Firm can help assess available options, select the strategy for liquidating, identify potential assets that can be sold, negotiate with creditors, manage the mechanics of the asset sale and wind down, and make distributions to the creditors and shareholders. We work side-by-side with and complement insolvency and/or company counsel.
Because technology companies rarely include senior staff with liquidation and wind down expertise, it is prudent for distressed technology companies to retain The The McCandless Law Firm. We have the necessary experience and are uniquely qualified to advise on liquidation options and to lead any scenario through to its full conclusion, which can often take from one to two years.
For more information, please review our complete description of The The McCandless Law Firm Restructuring Services (PDF).


About timothymccandless

Attorney at law, specializing in litigation, labor law overtime, criminal record expungement, partnership dissolution, and Real Estate workout solutions. Employment law claims and Wage and Hour claims Wrongful termination
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