Liquidating Chapter 11

Liquidating Traditional Chapter 11 Case Overview

As part of our approach to comprehensive services, we custom craft our support solutions based on the chapter 11 case type and company situation in order to provide maximum resources for cost efficiency and effectiveness on each issue. 

  • We appreciate that liquidating traditional chapter 11 cases have some of the highest amounts of case professional pressures, because so much must be prepared in so little time. 
  • Simultaneous preparation of 363 asset sale pleadings, a liquidating plan of reorganization and disclosure statement, and first day pleadings need to be completed either during the pre-petition phase, in the case of a preplanned liquidation, or during the course of a traditional chapter 11. 
  • We also know that attorneys and advisors' primary goal will be to obtain first day relief approving the draft asset purchase agreements and bidding procedures order for the purpose of a quick auction and sale in order to maximize the value of the company for pre-petition creditor settlement. 
  • We appreciate the pressures and obstacles involved with simultaneously trying to obtain first day relief, stabilize company operations and market either pieces of the company or all assets of the company to prospective buyers. 
  • We also know that case professionals will be tasked with traditionally urgent issues from business operations and creditor relationships to debt compliance and industry competition.

Phase Eleven's experienced professionals have the knowledge, skills and abilities to reactively respond with proactive work product to liquidating traditional chapter 11 cases.

Liquidating Traditional Chapter 11 Case Professional Activities 

For instance, we appreciate that in a traditional traditional chapter 11 case during:

Pre-petition:

  • Attorneys and advisors will focus primarily on  preparation of 363 asset sale pleadings with bidding procedures, marketing of assets of company to prospective purchasers, a liquidating plan of reorganization and disclosure statement and first day pleadings preparation.
  • Phase Eleven administrative resources and service teams will concentrate efforts on: assembly and preparation of asset exhibit diligence for draft purchase agreements schedules, liquidating plan solicitation assistance, and first day pleadings preparation.  The first day pleadings preparation will focus on: top 20, 30, 40, or 50 unsecured creditor lists; preparation of consolidated list of creditors; assembly and preparation of equity holders lists; preparation of contact information for pleading exhibit lists; coordinating lien search results review and summary; preparing first day creditor communications and noticing logistics.  Depending on the outcome of the sales process and the speed of the liquidation, Phase Eleven will prepare schedules and statements meeting materials; Relational Restructuring Database  custom webpages and library support; due diligence database organization; and post petition proactive project management planning.

Post Petition:

  • Attorneys and advisors will focus primarily on 363 asset sale, asset assessment for abandonment, retention of post confirmation liquidating trustee, liquidating plan creditor class treatment; liquidating plan solicitation and court approval; first day relief; chapter 11 compliance with company; and liquidating plan confirmation.
  • Phase Eleven administrative resources and service teams will concentrate efforts on supporting: 363 asset sale administrative efforts and other associated business operation issues--i.e. contract rejection; case administration compliance and dates such as case management orders and critical dates; schedules and statements preparation and filing; claims processing and resolutiondata organization and reference--i.e. document production; noticing; liquidating plan solicitation efforts, and all additional company liquidation efforts which require administrative assistance.

Post Confirmation:

  • Attorneys and advisors will focus primarily on responding to liquidating estate trust administrator and creditors committee issues relating to objection to claims, recovery of funds and unwinding of remaining estate assets to maximize remaining recovery to estate creditors.
  • Phase Eleven administrative resources and service teams will concentrate efforts on supporting the liquidating estate administrator in: providing supporting documentation and claims information for classification and claims objection; providing payment reports to creditors committee for preference payment litigation; initiating and conducting estate claims disbursement reports, class treatment and calculations, processing logistics, creditor inquiry and unclaimed funds tracking; and noticing for all filed pleadings.

Phase Eleven, through the founder's eleven years of high ranking administrative law firm experience, has developed a set of exceptional methods and standards for achieving excellence for liquidating traditional cases and is ready to take on your chapter 11 challenges. 

Founder's Traditional Liquidating Casework Example-Kimball Hill Homes, Inc.

In re Kimball Hill Homes, Inc., Case No. 08-10095, United States Bankruptcy Court for the Northern District of Illinois, Eastern Division, Filed April 23, 2008, Confirmed March 12, 2009.

Founder's casework responsibilities which align with Phase Eleven case work include, but are not limited to: assembly and preparation of lien creditor summary information for first day noticing and schedules and statements; reviewing, analyzing and revising schedules of assets and liabilities and statements of financial affairs;  mentoring and training of administrative assistants directly responsible for assistance with case administration issues; preparing and coordinating filings for suggestions of bankruptcy; responding to creditor inquiries; lease assumption procedures precedent; contract rejection procedures precedent; assistance with preparation of schedule amendments for court filing. 

Request a presentation of our comprehensive chapter 11 case solutions to conquer your chapter 11 challenges.