Restructuring Services Case Studies
Case Study

Software Provider Liquidates And Winds Down Business

by Michael Hogan, Alex van Dillen

At A Glance

Challenge

Losses and lack of funding

Solution

Liquidation

Result

The company successfully auctioned its assets, settled numerous escrow disputes and terminated the business

 

This provider of software for online escrow focused on escrows for eBay transactions. Due to heavy losses and a lack of funding, the firm was turned over to Armanino for liquidation, with board and shareholder approval. Following the handover, Armanino professionals assumed the roles of CEO, CFO and controller to wind down the business.

The company had substantial physical assets, so an auction of these assets was arranged. This resulted in a substantial cash recovery.

A large number of unsettled escrow disputes also were turned over to Armanino with the business termination. Funds for these escrows were held in a separate bank account awaiting settlement by the underlying parties to the transactions. Nudging these parties to settlement required considerable effort, including taking one escrow to arbitration.

 

Download Case Study 

October 01, 2019

Stay In Touch

Sign up to stay up-to-date with the latest accounting regulations, best practices, industry news and technology insights to run your business.

Authors
Alex van Dillen - Director | Armanino
Managing Director
Resources
Related News & Insights
Armaninos 10th Anniversary Reception in Chicago
Live Event
Rooftop reception to celebrate Armanino’s 10th anniversary with the firm’s supporters and friends.

September 29, 2022 | 02:30 PM - 05:30 PM PT
Nonprofit Symposium 2021
Live and Virtual Event
Nonprofits - Get Back to [Focusing on] the Future

September 29, 2022 | 08:00 AM - 12:00 PM PT
Workday Adaptive Planning 2022 R2 Release
Webinar
Learn about Workday’s newest features and enhancements.

August 30, 2022 | 10:00 AM - 11:00 AM PT