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Bankruptcy Advisors for Insolvent Companies

Overview

Armanino is among Silicon Valley’s most experienced restructuring specialists serving the needs of the many constituents of insolvent companies that may be confronting and contemplating formal bankruptcy. These constituents include creditors, boards, investors, and executive management.

Our role within a company pointing toward bankruptcy is to ensure the company understands the implications and steps of bankruptcy and has taken appropriate action to prepare for whichever bankruptcy path, Chapter 11 or Chapter 7, has been chosen. We will work closely with insolvency and/or corporate counsel to finalize a bankruptcy plan, complete the necessary filings, and ensure the company is properly managed through the actual filing. In a Chapter 11 proceeding Armanino can be the Responsible Party in the filing and manage the process through to a court-approved exit from bankruptcy. In a Chapter 7 proceeding Armanino can be involved until such time as the court appointed trustee no longer needs assistance from the company.

 

We advise and support the bankruptcy process

In a Chapter 11 bankruptcy, Armanino can act as a member of the management team, typically the interim CFO, to prepare the reorganization plan, help manage the business as “debtors-in-possession” (DIP) and then help execute that plan once it’s been approved. We may also be retained to assist in an asset sale or divestiture as part of the reorganization.

In a Chapter 7 bankruptcy, the company liquidates under a court-appointed trustee who takes control of the process of liquidating and winding down the company. We may be engaged by the company prior to filing as part of or in lieu of the management team and board to implement certain liquidation steps prior to bankruptcy, help file the bankruptcy petition, and prepare for the transition to the trustee. After filing we may also be retained by the trustee to perform some aspects of the liquidation and wind down.

The Armanino difference—bankruptcy experts

Because our clients rarely include senior staff with bankruptcy expertise, it is prudent for distressed technology companies facing or contemplating bankruptcy to retain Armanino. We have the necessary experience and are uniquely qualified to advise on technology bankruptcy options, to co-develop an appropriate course of action, and to lead any scenario through to its full conclusion.