The Receivership’s responsibility is to find the best management solution for each asset in order to maximize its financial performance. In the majority of business receivership cases, Distinctively Chicago, LLC. is the most qualified management solution to operate the asset.
Distinctively Chicago, LLC.’s Receivership Services include a detailed Takeover Report which provides vital information about the asset, as well as timely, accurate, detailed accounting and reporting.
Consulting
Typically, asset managers want to make informed, intelligent decisions on the direction to take with defaulted asset(s) prior to taking any legal action. To assist them, we perform the following consulting services:
1. Enterprise Valuations: Partner with Real Estate Broker to determine potential recovery
2. Property & Financials Assessments: Make a hands-on assessment of operations, its competitors, location, and profit & loss statements
Seizure of Assets
A vital initial part of maximizing recovery is knowing where to look for hidden assets, how to go about obtaining them, and getting the banks to provide the information. Distinctively Chicago, LLC. has a great deal of expertise in locating and seizing all assets of the receivership/bankruptcy estate, including taking possession of, and accounting for all:
1. Bank Accounts
2. Cash Banks
3. All other monies and securities
After seizure of assets, we conduct full and accurate auditing of accounts receivable and accounts payable to determine the true financial assets and liabilities.
Other assets are also vital to the value and success of the operation. Distinctively Chicago, LLC. knows how to quickly take control of the principal asset.
Court Reports
Distinctively Chicago, LLC has handled numerous Receivership appointments for a wide spectrum of residential properties. To maximize recovery, The Distinctively Chicago, LLC Receivership Team assures the performance of the following actions:
1. Assisting a lender's legal counsel in preparing the "Order Appointing Receiver" to assure that all contingencies are addressed by the court in the first hearing, and to avoid repeated trips to court
2. Preparing and filing all Receiver's documents and serving all appropriate parties. These include opening, interim, and closing reports
3. Contract renegotiation or termination, as appropriate
4. Upon foreclosure, quickly winding up the receivership, preparing the final accounting, transferring to the new owner, preparing and filing final reports, and securing the court’s approval and discharge
5. All court-required operational bankruptcy reports are prepared by Distinctively Chicago, LLC.’s management, legal, and accounting teams
Contracting & Leases
The terms of contracts and leases can have a major impact on the value and recovery of the assets. Challenges with contracts and leases, or the need to quickly renegotiate terms, requires expertise in operational arenas.
Distinctively Chicago’s Receivership Team is highly experienced in dealing with these issues. We handle these potentially complex matters to make certain every detail is covered, including:
1. Reviewing of insurance policies and coverages, and adding the location to our master policy if needed
2. Reviewing, renegotiating, and accepting or rejecting rental agreements
3. Handling all vendor contracts, whether they need to be notified, reviewed, renegotiated, and accepted or rejected
Legal Expertise
Your Receiver makes choices that greatly impact the asset’s financial recovery. Distinctively Chicago, LLC’s Receivership Team pays close attention to details, because we understand the true impact of seemingly minor decisions on your recovery.
By offering a combination of Receivership, Management and Disposition Services, we can:
1. Provide additional legal points of view
2. Get more business done efficiently with fewer errors, thereby saving time, money, and reducing risk
3. Help protect the lender from liability
4. Expedite discussions with the lender's legal counsel
5. Handle most receivership filings in-house to save time and money
It's one thing to understand how to run a great operation--it's another thing to understand how to turn around a distressed operation fast. By their very nature, distressed properties are not operating at their maximum potential. Distinctively Chicago, LLC has a strong track record of turning around distressed operations in order to maximize our clients' returns.
When you have a distressed property, you don't have six months to analyze and evaluate why the operation is hemorrhaging cash. Every day is costing you money and lowering your potential for recovery. It could be a variety of reasons, such as employee theft; poor housekeeping, staffing, training, or cash handling; lack of effective operating systems or targeted marketing, or many others.
Our extensive experience with distressed operations enables us to quickly pinpoint areas where financial ratios are off and which areas need immediate attention. We then create Turn-Key Management Solutions that will turn around an operation's financial picture fast.
Cutting Edge Technology
With effective information systems and solutions, Distinctively Chicago, LLC stays on the cutting edge of today’s technology. We provide fast, secure access via the Internet.
Information within our technology solutions can be accurately analyzed, enabling us to create carefully customized client reports.
Cost-Effective Renovations
Distinctively Chicago, LLC. has an excellent track record – and is known for completing projects on time and on budget.
Our experienced professionals have directed a wide range of renovations -- from simple deferred maintenance items to multi-million dollar refurbishment projects. We manage every aspect of a project to assure that each dollar spent produces maximum return.
Renovations are carefully orchestrated to help the asset retain a competitive edge.
Take-Over Plan and Report
Distinctively Chicago, LLC’s Property Plan is innovative and effective. Our plan covers every detail in three primary phases:
1. Take control of the assets and operations
2. Create an In-depth evaluation and analysis
3. Develop/implement action plans
We produce immediate results. Many tasks must be completed within 24 hours -- during the first week we accomplish actions such as:
1. Seizing bank accounts -- securing and accounting for all funds
2. Opening new accounts and transferring funds
3. Transferring licenses
4. Inspections assessment
5. Developing effective procedures
A comprehensive Property Take-Over Report is then compiled and provides all decision-makers with a clear and accurate record and a thorough overview of the asset and its business.
Cost/Benefits Analysis
After assuming control, we perform an exhaustive property, market and financial review of the property, enabling us to perform a cost/benefit analysis to determine the impact of:
1. Keeping the location open vs. closing it
2. Capital improvements
3. Timing the property's sale
With expertise in taking over troubled assets, we analyze every scenario to establish criteria for informed decision-making.
Strong Marketing
With management experience in markets across region, Distinctively Chicago, LLC. can effectively:
1. Evaluate markets
2. Identify selling benefits
3. Develop hard-selling tactics
4. Implement marketing programs that guarantee results
Tight Cost Controls
Our comprehensive and proven financial program ensures that all income is accurately reported and expenses tightly controlled. Distinctively Chicago, LLC has developed highly-effective approaches to identifying problem areas, while quickly and accurately controlling costs.
Our Distinctively Chicago, LLC Team efficiently provides comprehensive reporting, carefully tailored to your specific requirements.
Timely, Accurate Reporting
Every month, Distinctively Chicago, LLC supplies clients with a series of comprehensive financial reports, as well as a narrative report that provides information on activities during the previous month. Our management team is always on hand to review reports and answer questions.
Secure Property Closings
In some cases, the best resolution is to close the property.
After performing a detailed cost/benefit analysis and gaining approval from the lender and court, we remove and liquidate all inventory, fixtures, furniture, and equipment, then properly secure and maintain the property until final disposition.
Chicago Property Management Firm dedicated to establishing a higher standard from one community to the next. Please Connect with us on Facebook, Twitter DistinctChicago, and Linked in. Disitinctively Chicago is a member of ACTHA, CAI, Local First Chicago, and the BBB.
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