Turnaround and restructuring services seek to save a financially distressed business by identifying problems and working with the client to make changes to how the business is run, including its financial and operational aspects. However, if the business is no longer able to be saved, it enters into bankruptcy and liquidation proceedings.
Edward 'Ted' Gavin CTP, NCPM, Managing Director and Founding Partner of corporate turnaround and restructuring firm Gavin/Solmonese (G/S), says that professional ethics demand adequate and proper disclosure for parties in turnaround, restructuring, and bankruptcy proceedings, which is supposed to be an open and transparent process that can only happen when all parties are forthcoming.
