At Cordes & Company, our financial and management professionals provide prompt and expert support for businesses and real estate in distress, transition and litigation – as well as their local, regional and national lenders.
One of our primary practice areas is Receivership, ABC, Trusteeship and Asset Management. Over the past 30 years, we have been court-appointed receiver or trustee or asset manager in more than 400 engagements across the United States. In recent years, the value of assets we have managed has exceeded $1.2 billion.
In a receivership, an independent, impartial party is appointed by a court or by creditors to receive, manage, preserve and/or dispose of an at-risk or disputed property or business – until the issue can be resolved. The best receivers are able to not only preserve but actually increase the value of the distressed assets under their management. An assignment for the benefits of creditors (ABC) is a similar method used by creditors for distressed property or businesses to liquidate assets to satisfy creditor claims. We serve as the assignee in these types of cases.
At Cordes & Company, we inspect the property, work with tenants and vendors, obtain and review records from the owner and the management company, and establish appropriate operational, maintenance and accounting procedures and systems. Often, we oversee completion of construction projects.
Receivership, ABC, Trusteeship, and Asset Management Services: