Sale of Business
Sometimes a sale of assets is the best way to restructure a company's financial condition. Kibel Green leverages its vast experience in distressed situations and extensive network to deliver several high-impact results through the following solutions:
1. ABC Analysis
An alternative in California, as well as in selected other states, may be an Assignment for the Benefit of Creditors (ABC). This is similar to a bankruptcy, except it is a state versus a federal court action.
An ABC is usually a much less expensive and a quicker process. On the filing date, the assets are transferred to an Assignee, at which time the officers and directors may resign. The Assignee will carry out the responsibilities of dissolving the assets either through a sale or liquidation much like the role of a trustee in a bankruptcy. The Assignee will also deal with the creditor body, keeping it informed of progress and making a final accounting as well as filing of all the requisite tax returns.
Kibel Green has advised hundreds of companies as they navigate the ABC process.
2. Asset Sales
Part of the solution may involve a sale of selected assets to free up needed working capital or to facilitate the partial or complete repayment of existing debt. Our role is to assist the Receiver in identifying and selling these assets.
If you know of a business that may need to consider a Sale of Assets, please contact Kibel Green to discuss how we can work together.
