ABC of Inherited Law Firm with Tax Liabilities
Settled Tax Claims, Settled EDD Litigation, Collected A/R
The Bottom Line:
As Assignee in the Assignment for the Benefit of Creditors (“ABC”) of a law firm whose sole shareholder had died, Stapleton Group settled tax claims and EDD litigation and negotiated with creditors threatening litigation to minimize the shareholders’ heirs’ financial risk.
Actions:
Wound down the business while preserving assets for the decedent’s family. Collected and accounted for over $4.2MM in receivables. Settled $650,000 in priority tax claims due to the IRS and EDD litigation. Negotiated discounted payments to secured and unsecured creditors and avoided threatened litigation. Aggressively tracked pending legal settlements. Conserved cash for the estate.