Assignee for the Benefit of Creditors (ABC)
Tailwind Services LLC acts as Assignee for the Benefit
of Creditors in Illinois and other states. An ABC is an
out of court liquidation of an insolvent business. In
an ABC, the assets of a business are transferred to a
trust. The Assignee acts as the trustee of the trust, deciding which method of liquidation will bring the
highest realization to creditors. This is a powerful
business tool that provides significant speed,
flexibility and cost savings when time and resources
Operating Ch. 11 Trustee
Tailwind Services LLC acts as operating trustee in
chapter 11 bankruptcy cases. This occurs when a
debtor in possession commits fraud or malfeasance in
the case, or the creditors lose confidence in the debtor’s ability to confirm a plan of reorganization.
The operating trustee steps in to take control of the
enterprise and structure a plan, often working in
cooperation with a creditors’ committee and the other
major case constituencies.
Tailwind Services LLC acts as an examiner in chapter
11 bankruptcy cases. An examiner is appointed by
the court to investigate or “examine” a particular
transaction or occurrence in the bankruptcy case.
Typically, this involves a situation where a trustee
appointment is not warranted but the court and
creditors require an independent view of the facts.
Tailwind Services LLC acts as corporate monitor in government and commercial litigation cases. This
typically involves oversight of corporate practices imposed by virtue a consent decree or other enforcement vehicle.
Tailwind Services LLC professionals serve as directors of public and privately-held companies.
Tailwind Services LLC acts receiver in select
commercial and government enforcement litigation
cases. A receiver is a fiduciary appointed by the
court to act as a custodian or guardian over real
estate or a business. The most common receiver
appointment is in real estate related cases such as
mortgage foreclosures. However, a receiver can be a
powerful tool in leveling the playing field in any
business dispute where one party is using control over the business or property to the disadvantage of
another party. A receivership proceeding may also be used to liquidate assets or a business, similar to a
Plan Trustee and Post-confirmation
Tailwind Services LLC acts as plan trustee and postconfirmation
trustee. A plan trustee or postconfirmation
trustee will often be named in
connection with confirmation of a plan of
reorganization or liquidation and will have the
responsibility to prosecute claims and bankruptcy related litigation, as well as resolve claims against
the bankruptcy estate.
Tailwind Services LLC acts as disbursement agent in
chapter 11 cases. A disbursement agent makes disbursements under a plan of reorganization.
Lender’s Liquidation AgentTailwind Services LLC acts as a lender’s liquidation
agent and in that capacity takes all steps necessary
to assist a lender in liquidating its collateral in a UCC
foreclosure sale or other liquidation proceeding,
including marshalling the assets and marketing them
Tailwind Services LLC professionals serve as interim managers of both solvent and insolvent companies.