Client Profile – A Paper and Wood Products Producer
The Need
Assist Client’s preparation for transition of the corporate accounting function from offices in Canada to offices in South Carolina
During the engagement planning phase; the client filed a voluntary petition for Chapter 11 bankruptcy protection and under the Trustee’s direction began the restructuring process. Our new priority was to assist with Case Reporting and Compliance
Institutional knowledge losses due to employee attrition
Focus on the Accounting process, systems, and controls
The Solution
Our team was deployed to Canada to assess the requirements and develop a plan for transition
Our team refocused on the priorities of the bankruptcy tasks and timetable
Technical bankruptcy support resources were deployed to Canada and South Carolina to work with the CFO and Corporate Controller to coordinate the additional reporting and compliance related to the reorganization
Accounting related issues including intercompany balance control, integration of accounting and reporting applications, tax management assistance, audit support, treasury management and internal reporting, account reconciliation, and analysis of key account activity and improvements became a primary focus of the team
Provide staff and management as needed during the restructuring process
Preparation of Statements of Financial Assets, Cash Flows, Monthly Operating Reports, and other related schedules
Analyzed current accounts and reports and determine if they would be transitioned to the new organization
Prepared InterCompany model to balance Intercompany transactions made after company merger for forty plus business entities
Assisted financial systems teams to plan and migrate the accounting and reporting to the new the Client ledgers
The Results
The Client emerged from bankruptcy and has successfully reorganized
Corporate accounting and reporting functions were transitioned to South Carolina
