Fiduciary Services

Our team can serve as examiner or trustee in bankruptcy cases, as well as other fiduciary capacities resulting from negotiated debtor/creditor agreements. We build consensus and work with the bankruptcy court, the United States Trustee, and other parties-in-interest. If you’re pursuing a liquidation plan, receivership, or trust assignment, Fesnak has the experience and services you can trust.

Litigation Trusts
We support Liquidating Trusts created under Chapter 11 of the Bankruptcy Code to liquidate and distribute the assets to holders of allowed unsecured claims and complete the resolution of disputed claims.

• Initial review to identify critical personnel for retention
• Gain an understanding of the information technology environment so an independent accounting system can be developed which mirrors the operations of the debtor.

• Work with former employees and plan custodians to roll over or disburse participant plan accounts
• Maintain debtor personnel and payroll records so that participant distribution requests can be corroborated and processed for distribution.

• Assess and complete all tax requirements for the debtor and all related entities.
• Prepare all state property, sales and use tax returns for all applicable entities.
• Complete all state and local income tax returns along with the federal corporate returns.

Receivership
We specialize in the control, management and recovery issues associated with complex regulated receiverships as well as other non-regulated entities. Having worked closely with insurance commissioners and securities commissioners as well as guaranty associations in many states, Fesnak is uniquely qualified to act as the Receiver or Deputy Receiver or provide discrete services to the Receiver or Deputy Receiver. Our services include:

• Control of debtor books and records
• Institute financial controls over bank accounts and recording of financial transactions
• Inventory assets
• Secure physical assets
• Recover and secure data
• Identify owned vs. leased financial assets
• Identify assets needed to continue services the company provides
• Investigate and pursue recovery actions to collect assets, including claims under such existing insurance policies as fidelity and directors and officers
• Investigate and pursue recoveries against professionals, including accountants, attorneys, actuaries and stock brokerage firms
• Notify potential creditors of the estate
• Prepare and distribute Proof of Claim form
• Receive claims from creditors
• Review, adjust and value claims
• Seek court approval for value of the claims
• Work with and coordinate with State insurance guaranty funds and other third party payers
• Prepare and submit tax returns
• Create financial statements
• Periodic reporting to claimants

Disbursing Agent
We handle exchanges for both merger and acquisition transactions and paying agent services for liquidations, including the following:

• Distribute cash to holders of allowed claims
• Distribute cash to disputed claims reserves, as applicable
• Provide tax reporting and withholding as required
• Distribute unclaimed property, including any interest, or other distribution, in accordance with the Plan of Reorganization