Rapid or unexpected changes in the marketplace can leave even the most well-managed business facing turnaround, business restructuring, or bankruptcy. The COVID-19 pandemic and ensuing quarantine have interrupted business processes around the world, stalling supply chains, shuttering offices, and leaving many companies scrambling to find new paths to profitability.
If yours is among the thousands of businesses negatively affected by the economic impacts of the pandemic, or if non-COVID issues have placed your business in jeopardy, our team of tax attorneys and consultants can help.
While there are many options available to distressed businesses, we have broken out the three most common options and how Moskowitz LLP can assist.
Workout
Saving your business means preserving the business relationships you have with lenders, suppliers, vendors, and employees. When economic factors falter, you and your business could be in jeopardy. One key way to preserve your business relationships is to consult with a seasoned corporate tax consultant.
Our professionals can help you:
- Negotiate extension and forbearance agreements with creditors
- Reduce or eliminate accruing penalties for late payments.
- Navigate the daunting landscape of intercreditor and subordination agreements to keep your business up and running while you restructure.
- Consider the tax consequences and use of tax and accounting principles and data in negotiations
It’s important to work with someone who understands your business, its goals, and principles—a consultant who listens, and embraces a holistic view of your business.
Turnaround
When dealing with a financial crisis, every minute counts. By partnering with our experienced business-restructuring attorneys and consultants, you can move from merely tackling emergencies to charting a clear course to success. Plus, you’ll be getting the benefit of years of independent expertise in business and tax law. Our qualified tax attorneys and consultants will hit the ground running with a rapid evaluation of your current situation. They’ll then help you get organized, addressing the most critical agenda items first.
A professional can help you:
- Restructure your business assets
- Evaluate sources of potential cost-savings
- Suggest operational improvements
- Address cash flow and liquidity challenges
- Provide you with realtime financials and insightsTake advantage of the tax code lowering tax burden and recovering overpayments
- Create a practical reorganization plan to get your business back on track.
Worried about documentation? Relax, you don’t have to go it alone. Our experienced attorneys and accountants will help you prepare the documentation you need—from business valuation and cash flow projections to business plans, legal documents, loan agreements, accountings and more.
Bankruptcy
Business owners that never dreamed of the prospect of bankruptcy are now forced to face this harsh reality. As sales and orders have dropped off, the expenses of operating a business continued, which has led to the accumulation of debt. In some situations, the most effective way to relieve excessive debt burden is to file for bankruptcy. A seasoned tax lawyer can guide you through the process, including:
- Pre-bankruptcy planning,
- Creditor Agreements,
- Business continuity,
- Representation in and out of Court
Your business is your dream, and it’s worth fighting for. Experienced tax attorneys and accounting professionals can help your business return stronger than before.
At Moskowitz LLP, our attorneys are seasoned in business and tax law and stand ready to help you with your business challenges—large or small. Has the COVID-19 pandemic adversely affected your business? Are you behind in payments or facing loss or liquidation of assets? Don’t delay, contact Moskowitz LLP today, and let our experienced and talented professionals help put your business back on the path to prosperity. Call (415) 394-7200 or visit our website to request a complimentary consultation.