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Bankruptcy Accounting and Compliance

Deloitte CRG

Deloitte CRG assists clients with the various supporting aspects of a Chapter 11 proceeding. Our professionals provide start-to-finish service, delivering effective and efficient solutions to a debtor in preparation for and during the Chapter 7 or 11 restructuring process. Companies in bankruptcy experience many demands and requests for information beyond the normal requirements of day-to-day operations. Our experience allows us to define key roles, responsibilities and timelines to meet those needs. We leverage skilled practitioners and tested technology to build an efficient solution that is tailored to a company’s organization and reporting structure.

When assisting clients in preparation for a Chapter 11 filing, our services typically include:

  • Invoice and payment cut-off
  • Vendor management
  • Cash flow monitoring and reporting
  • Analyses supporting First Day motions
  • Preparation of Creditor Matrix
  • Evaluation of Information Management systems for chapter 11 requirements
  • Preparation of the Initial Operating Report to US Trustee

During the Chapter 11 process, Deloitte CRG’s services include:

  • Development of processes for reporting to the court, US Trustee and constituents
  • Monthly Operating Reports
  • Implementation of GAAP as it relates to ASC 852 “Reorganizations”
  • Creditor reporting and liaison with creditor groups
  • Preparation of Statement of Financial Affairs and Schedules of Assets and Liabilities
  • Claims analysis, management and reporting
  • Analysis for potential preferential payments
  • Evaluation of executory contracts
  • Assistance with the development of various aspects of the Plan of Reorganization and Disclosure Statement

Capabilities

 

Bankruptcy Advisory
The bankruptcy process offers an opportunity to address the strategic, operational and financial problems of an organization. Deloitte CRG professionals can assist your company in all phases of the bankruptcy process: pre-bankruptcy strategy and planning, operational initiatives and action plans to address your unique operational challenges, comprehensive communication programs for your company’s vendors, customers and employees and assisting with reporting compliance and Plan of Reorganization development.

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Plan of Reorganization Development
At Deloitte CRG, part of our pre-filing strategy process is to assess the feasibility of the likely structure and framework of a potential Plan of Reorganization. Our fundamental belief is that how your company approaches the bankruptcy process is crucial to your successful restructuring. At Deloitte CRG, we work closely with your legal team and advisors to develop, negotiate and champion the Plan of Reorganization through the confirmation process.

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Fresh Start Accounting
Recording the emergence from bankruptcy is highly complex and requires an understanding of the bankruptcy process and the related technical accounting requirements, obtaining a valuation of all the assets and liabilities of a business enterprise and pushing the results down to every legal entity. At Deloitte CRG we have developed a structured approach with a focus on completing the Fresh Start implementation effort in the shortest timeframe possible and with minimum disruption to the daily processes of the organization. We combine industry and subject matter specialization with a commitment to proactively addressing our clients’ goals and needs.

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Expert Services
Deloitte CRG provides crucial assistance to the stakeholders of distressed companies facing complex issues in the areas of Business Valuations, Forensic Accounting, Litigation Support and Expert Testimony. Our experts have been called upon to provide testimony in state and federal courts on complex business issues. Deloitte CRG’s seasoned team of dedicated professionals enables us to offer a diverse and multi-disciplined team for every situation.

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As used in this document, “Deloitte” means Deloitte LLP [and its subsidiaries]. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

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