Corporate Recovery & insolvency
We maximize recoveries while minimizing administrative hassles.
If you, or a client you are representing, are concerned about collecting payments from debtors or the status of your security, Intelisys may be engaged to act in informal and / or formal proceedings on your behalf. From the assessment of an organization’s current financial health to serving as an informal and / or formal, court-appointed receiver or liquidator, we maximize recoveries while minimizing administrative hassles.
See below to learn more about:
Independent Business Review
At the request of a company’s primary secured lender, Intelisys may be engaged to review the company’s current financial position and future business prospects, including an analysis of the secured creditor’s security position and the status and priorities of other creditors. Often this type of review (also referred to as a ‘Look-See’ or a ‘Viability Assessment’) is conducted as a first step to help both the secured lender and the company to arrive at a mutual arrangement for moving forward.
When a company is in the process of implementing a strategy for turnaround, an Intelisys professional can serve as a monitor on behalf of a secured creditor. In these situations, the business often faces conflicting, regular demands from stakeholders. To alleviate pressure, Intelisys will review operating results and provide the secured creditor with regular, independent reporting updates on the business’ progress and note any changes in their overall security position. In this role, our advisors are highly experienced and quick to identify circumstances that need to be addressed to enhance the likelihood of success and / or to protect the creditor’s security position.
When a company’s assets and / or a creditor’s security may be at risk, an Intelisys professional can be appointed by the Court as Interim Receiver. The duties and powers of the Interim Receiver are set out in the Court Order that authorizes its appointment. Those duties and powers may include taking possession of assets and exercising control on them, as well as the company’s operations, as the Court considers reasonable.
Receiverships & Administrations
Intelisys assists creditors in protecting or liquidating the assets they hold as collateral or operating and selling the business as an ongoing concern vis-à-vis a private or court-appointed receiver. Before determining the optimal form of appointment, there are a variety of issues, mechanisms and legislation to consider. Our Corporate Restructuring & Recovery professionals can help you and your counsel assess and pursue the best course of action.
Insolvency – Voluntary (Solvent) & Involuntary Liquidations
When a company reaches the end of its useful life or its members recognize that it has no future it may be placed into voluntary liquidations by its members and directors. We are often called upon to conduct voluntary liquidations.
A company may be placed into involuntary liquidation by a regulator, the Court, or a creditor or creditors. We accept appointments as liquidators in these instances to assist in maximizing the amounts paid to stakeholders. Our professionals have a wealth of experience in assisting and advising clients in various industries, from small businesses to large multi-national organizations. We have previously acted as liquidators and controllers of hedge funds, insurance companies, financial institutions, hotel resorts, and other entities.
Provisional & Official Liquidations
The court may, at any time after the presentation of a winding up petition but before the making of a winding up order, appoint a provisional liquidator. Such an application may be made by a creditor or contributory or any relevant regulator if the company is unable to pay its debt on time or the company intends to present a compromise or arrangement to creditors. The latter point allows companies in the Bahamas to stay creditor legal proceedings and attempt to restructure their debt and financial position.
For the purpose of conducting the liquidation proceeding the court may appoint an official liquidator. We are regularly appointed as provisional and official liquidators and have experience in the Bahamas, Cayman Islands, British Virgin Islands, Bermuda, and other locations in the Caribbean.
Turnaround & Restructuring
We are often called upon to assist management in turning a company around. This follows a thorough review of the financial position of the company and then agreeing a plan to manage the cash flow, vendor relationships, operations, and revenue generation moving forward over a set period of time. This often includes restructuring the debt of a company by seeking a compromise or scheme of arrangement with creditors.
Interim Management Service – Directorships & CRO appointments
We are called upon to act as a director or chief restructuring officer (CRO) of a company to assist in the turnaround of the company.
Distressed Asset Sales
Distressed asset sale strategies incorporate a combination of sales tools, network of contacts and a proven track record in guiding clients through the sales process and maximising the net return to clients. We will create a website for the asset sale, ensure that the process is clear, transparent and fair and ensure that our network of contacts are provided with the information necessary to engage in the sales process.