Cordes & Company

Metal fabricator liquidated in divorce proceeding

In this divorce, the biggest marital asset was a metal fabrication company located in Arkansas, which produced machinery for the oil-field services industry. The wife alleged that as long as her husband retained control of the company, the value of this asset would be dissipated. The Elbert County District Court appointed Cordes & Company as receiver. Cordes discovered that the company had a large balance of unpaid trade accounts payable as well as significant liabilities under contracts for construction of machinery. As receiver, Cordes liquidated the company’s assets and negotiated settlement of the contract claims – successfully reducing contract liabilities from nearly $1 million to less than $200,000. All trade vendors were paid in full.

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