An automotive and truck dealership was out of trust with its senior lender and losing money at both of its locations.
The lender suspected fraud and sought the appointment of a Focus Professional to serve as Receiver to quickly liquidate the assets of the business.
- Assumed control of the business and implemented “24/7” security of the assets
- Located and identified missing vehicles in the dealership’s records
- Coordinated the sale at auction of approximately half of the vehicles
- Oversaw the sale of the remainder of the assets.
- As a result of the receivership, the dealership was successfully sold out of bankruptcy.
- The lender’s recovery was higher in this case by avoiding the cost of a Chapter 11 filing.