NGA Role
• NGA was appointed receiver by the Hamilton County Court of Common Pleas to operate this business during the pendency of the dissolution lawsuit before the Court.

Problem
• Two owners with equal shares of this company were at odds. One had sued the other for dissolution of the company in Common Pleas Court. A receiver was sought to operate the business continuously until the Court could rule on the dissolution of the business.

NGA Solution
• NGA undertook to operate the business per the court’s direction.
• NGA worked closely with key vendors, employees and customers to continue the operation of this business.
• NGA worked with the two owners to determine the best strategy to continue to serve customers in as seamless a manner as possible.
• NGA determined that the business could be split into two going-concerns serving half of the customers, employing certain of the employees and utilizing both the then existent computer system and a newly established one in conjunction with division of the company into two.
• NGA negotiated with both owners to structure this result.
• NGA insured that creditors of the prior company had their amounts due assumed by the two new entities as the separation was undertaken.
• NGA worked with the secured creditor of the real estate to obtain a transfer of the real estate to a single of the new entities. This resulted in the secured creditor being repaid in full.

Outcome
• Two companies were formed to serve the customers.
• Vendor obligations were assumed by the new entities.
• Secured creditor in the real estate was repaid in full.
• Company in dissolution was resolved by the Common Pleas Court.

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Contact Info

4675 Cornell Rd #195
Blue Ash, OH 45241

513-489-7399
turnaround@newgrowthadvisors.com

Daily: 9:00 am - 6:00 pm
Weekends: Closed

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