Bankruptcy Consulting

Yip Associates provides financial accounting consulting services to fiduciaries, debtors, creditors, and other parties of interest in bankruptcy proceedings, including:

Tracing of funds
Analysis of potential preference actions and fraudulent conveyances (avoidance actions)
Analysis of proofs of claim
Avoidance action defense analysis
Distribution calculations
Evaluation of potential mismanagement and fraud
Expert report, affidavit, declaration, deposition and trial testimony Forensic accounting and litigation support in adversary proceedings
Review of insider transactions
Analysis of insolvency

Yip Associates team members have decades of experience investigating fraud, consulting on litigation matters, and providing expert testimony. Their experience brings a unique perspective to the forensic analyses required to find effective resolution to disputes within the bankruptcy process.

Constituencies

Bankruptcy Trustees
Secured Creditors’ Committees
Unsecured Creditors’ Committees
Debtors
Equity Holders
Court-appointed Examiners
Assignees in Assignments for the Benefit of Creditors

Representative Matters – Bankruptcies

In re: Ocean 4660, LLC – Yip Associates was retained as accountants to the Chapter 11 Trustee and Chapter 7 Trustee. The Debtor owned and operated a hotel featuring a beachfront location, two five-story buildings, 147 guest rooms, a beachfront tiki bar and grill, an adjoining restaurant, and on-site parking. Yip Associates assisted the Trustee with overseeing the day-to-day operations of the beachfront hotel; maintained the Debtor’s books and records; prepared budgets and cash flow analyses; prepared and filed required tax returns; and prepared Monthly Operating Reports required by the Office of the U.S. Trustee during the pendency of the case. The hotel was sold for $17 million, and the Debtor’s Chapter 11 case was converted to a Chapter 7 case.
In re: Shubh Hotels Boca, LLC – Yip Associates was retained as accountants to the Chapter 11 Trustee. The Debtor owned and operated a hotel featuring 172 guest rooms. Yip Associates assisted the Trustee with overseeing the day-to-day operations of the hotel; assisted the Trustee in preparing the Schedules and Statement of Financial Affairs; maintained the Debtor’s books and records; prepared budgets and cash flow analyses; prepared and filed required tax returns; and prepared Monthly Operating Reports required by the Office of the U.S. Trustee during the pendency of the case. The hotel was sold for $9.25 million, and a plan of liquidation was confirmed.
In re: The Inverrary Resort Hotel Condominium Association Inc., et al. – Yip Associates was retained as financial advisors to the Chapter 11 Trustee. The Debtor owned and operated a hotel featuring an eight-story building with approximately 207 guest rooms, a lounge, restaurant, gift shop, gym and banquet facilities. Yip Associates assisted the Trustee with overseeing the day-to-day operations of the hotel; maintained the Debtor’s books and records; prepared budgets and cash flow analyses; reviewed proof of claims filed by claimants; prepared liquidation analysis; prepared and filed required tax returns; and prepared Monthly Operating Reports required by the Office of the U.S Trustee during the pendency of the case. The hotel was sold for over $12 million, and a plan of liquidation was confirmed.
In re: Cell Access Cellular Inc. – Yip Associates was retained as accountants to the Chapter 11 Trustee. The Debtor owned and operated a retail cellphone business throughout Puerto Rico under an exclusive dealer agreement with AT&T. Yip Associates assisted the Trustee with maintaining the Debtor’s books and records; prepared cash collateral budgets; prepared and filed required tax returns; and prepared Monthly Operating Reports required by the Office of the U.S. Trustee during the pendency of the case. The Debtor’s assets were sold for $135,000.

Our Professionals

Contact Yip Associates to find out how our team can help you.