International Finance Group

Post-Bankruptcy: Account Reconciliation

Quick Identification of Error By IFG Team Results in Client Satisfying Bank Debt Covenants

The Challenge

Our client, a linens manufacturer in Chicago, had emerged from Bankruptcy but was unable to reconcile its balance sheet at the end of the subsequent fiscal year. Urgency was created when the external audit partner had refused to sign off on the financials until they were fully reconciled.

Our Solution

IFG staged a 10-person team within 2 days of learning about the project to forensically reconstruct the balance sheet. IFG quickly determined that the error was in the post-Bankruptcy Opening Balance Sheet, and worked with the client’s accounting team to rebuild the pre- and post-BK balance sheets, and then roll the post-BK balance sheet forward to the end of the fiscal year.

The Outcome

The client confirmed IFG’s proposed solution, restated their balance sheets (all balances reconciled) and was able to achieve sign-off by the external audit firm in time to satisfy their bank debt covenants.

Thanks again for all the preps/tips you and Cameron had throughout the process, will definitely be recommending you to any of my friends when they start their next job search!
Analyst

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