Quest Administrative Services, LLC provides a cost efficient turnkey back office solution to entities that are emerging from Chapter 11 or completing an out of court restructuring. These entities require a variety of back office services but based on the level of activity, many incur excessive costs to retain an experienced team on a full-time basis.
Quest offers both a complete back office solution or the ability to obtain only those services required in each case by Trustees, Plan Administrators and Boards of Directors. These services can be made available on an as needed basis to manage the business needs for the duration of the case.
Services that can be provided include:
• Accounting and Financial Reporting
- Public or Private Entities
- Bankruptcy Court Reporting
- Internal Control, Design, Documentation and Implementation
- Sarbanes Oxley Compliance
• Treasury and Cash Management
• Accounts Payable Processing
• Management of Claims, Interests, Capital Accounts and Distributions
- Communicating with Claim Holders to Resolve Claims
- Maintaining the Claims Register
- Managing Claim Transfers
- Managing the Capital Accounts Register
- Processing Interim and Final Distributions
• Tax Compliance
• Investor Relations
- Managing Website to Disseminate Information to Stakeholders
- Handling of voice-mail box, e-mails to respond to Stakeholder and Creditor Questions
- Issuing Press Releases
• Facilities Management
• IT Services
• Disposition of Miscellaneous Assets
• Document Management and Retention
• Electronic and Hardcopy Data Storage
• Litigation Support
- Working with Outside Counsel to Pursue Litigation and Preference Claims
- Analysis of Executory Contracts, Rejecting, Assuming, Assigning Actions
Representative cases that this team has managed include:
- Adelphia Communications Corporation
- Adelphia Recovery Trust
- ACC Claims Holdings, LLC
- Doral Creditors Trust
Summary of Approach
As the Plan or out of court restructuring is being finalized, Quest personnel work together with management, incoming trustees, plan administrators, boards of trustees/directors and case professionals, to assess the services and administrative functions required and determine the most efficient way to perform all required back office functions. Our team will quickly identify services needed and develop a proposal to provide these services either on a fixed monthly fee or on an hourly basis.
- Once the services are agreed upon, policies, procedures and internal controls will be developed to provide the control required by our client and followed by our team to provide a seamless transition to operate on a going forward basis. This phase usually requires establishing new bank accounts, identifying and being prepared to transition existing IT systems, estimating unresolved claims, identifying required reserves, planning to transfer and maintain control over historical documents.
- Once the Plan goes Effective, upon approval by our client, Effective Date distributions will be implemented, disputed ownership funds and reserves will be segregated and our team will commence the process of managing cash receipts and disbursements, resolving claims, tracking transfers of claims and interests, performing accounting and budgeting functions, completing public, private and bankruptcy court reporting, tracking stakeholder capital accounts, completing all required tax compliance and providing tax information and investor relation services to stakeholders in a timely manner.
- Periodic reporting to the Bankruptcy Court and to stakeholders will be completed on a mutually agreed timeline.
- Tax Compliance will be completed in a timely manner.
- Activities required are usually at higher level initially after which a more routine operating mode occurs with reduced transaction volume. However, the same level of financial reporting and tax compliance will be required over the life of every entity. Our team will continue to perform the services throughout the remaining life of the entity until all of the objectives and distributions have been completed.
- To learn more about the services we offer and whether they can provide the infrastructure you require please contact Sam Dawidowicz at 917-679-0382.