Serving Clients in Financial Distress – How CPAs Can Provide Value Added Advice through Assignments for the Benefit of Creditors (“ABC”)
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CPAs hold “trusted advisor” status for many of their clients. When clients face financial distress or problems with their banks, CPAs often get the first call for help from their clients. The COVID-19 pandemic has shifted the economic landscape to the point where thousands of businesses are trying to navigate through turbulent times. Tragically, some businesses won’t survive and the CPA will naturally be asked, what should I do?
This lecture will inform the CPA practitioner about the significant benefits of an ABC, in which the CPA can assist their clients in:
- Advising their clients on the timing of an ABC to maximize control for clients.
- Advising their clients that an ABC which is a more economically efficiently solution than other insolvency solutions—it costs less.
- Advising their clients on an ABC option that will be significantly less “red-tape” than other insolvency solution—it takes less time.
- Advising their clients on an ABC option that will not involve the stigma of a bankruptcy filing—your marketplace reputation should remain in-tact.
- Advising their clients on an ABC option that could likely result in relatively easy and quick ways to resolve differences with creditors
William F Mueller, CPA, Esq, MBA
William “Bill” Mueller, Esq., is the Senior Vice President of Corporate Finance and Restructuring at Michael Moecker & Associates, the leading firm in Florida for distressed business consultation, management and liquidation of assets. Bill started his professional career in the United States Navy as a submariner, serving on two Fleet Ballistic Missile Submarines. He then taught Naval...Read more about William F Mueller here
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