Home

Quick Links

Legal

navigation
Home > Services > Consulting > Outsourced Finance & Accounting > Restructuring Services > Case Study – GreenVolts, Inc. (clean tech)

Case Study – GreenVolts, Inc. (clean tech)

Case Study – GreenVolts, Inc. (clean tech)


GreenVolts was a promising solar technology company backed by a leading Washington DC clean tech VC investor. Despite unique software and hardware solutions for commercial-grade solar installations and a growing customer base, the company ran out of money and failed to secure new investor support and follow-on financing.

In the face of its insolvency, GreenVolts elected to enter into an ABC (Assignment for the Benefit of Creditors) approved by its board and shareholders, and retained Armanino as Assignee to then wind down the corporate shell.

Per California statute, the ABC was executed in an orderly fashion, with Armanino successfully performing an auction of IP to two buyers, and subsequently managing the wind down of the corporate shell. The engagement was complicated only by the presence of a resident office in China, which local authorities made very difficult and expensive to shut down.