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Bankruptcy and Insolvency Services

BlumShapiro’s Bankruptcy and Insolvency Group has been providing financial advisory services to Chapter 11 and Chapter 7 bankruptcy trustees, debtors, official committees of unsecured creditors and estate fiduciaries for over 25 years. Engagements include formal insolvency proceedings under federal and state law, as well as out of court corporate wind-downs and liquidations.

BlumShapiro’s bankruptcy and insolvency professionals have also served in a variety of estate fiduciary roles, including Chapter 11 trustee, liquidating custodian, examiner, receiver and distribution agent. We have experience working with troubled companies across a wide range of industries, including: construction, healthcare, retail, technology, telecommunications, biotech, real estate and hospitality.

Our specially trained staff has achieved the highest levels of accreditation as Certified Public Accountants (CPA), Certified Insolvency and Restructuring Advisors (CIRA), Certified Fraud Examiners (CFE) and Certified in Financial Forensics (CFF). Many of our staff also hold Masters in Business Administration degrees.

In thousands of formal and informal insolvency proceedings, we have assisted trustees, debtors, creditors’ committees and estate fiduciaries with every financial aspect of the reorganization or liquidation process:

Bankruptcy Trustees

  • Orchestrate electronic records retrieval efforts: copy, image or take possession of servers, hard drives, laptops and other electronic storage devices.
  • Execute electronic and hard copy records reviews for documentation pertaining to case-specific issues.
  • Identify hidden assets and assist with asset sales.
  • Promulgate document requests in adversary proceedings.
  • Perform comprehensive claims, preference, insolvency and fraudulent transfer analyses.
  • Prepare required federal, state and local estate tax returns.
  • Provide on-site oversight to the accounting function in operating Chapter 11 and Chapter 7 proceedings to monitor the processing of payables, receivables, payroll and taxes.
  • Provide expert testimony in adversary proceedings. 


  • Set up new, post-petition ledgers within existing software programs to segregate pre- and post-petition activity.
  • Extract data from electronic sources for bankruptcy schedule preparation.
  • Prepare 13-week cash flows, budget to actual results and required monthly operating reports.
  • Perform claims analyses and provide financial guidance concerning the development of a viable reorganization plan.
  • Prepare all required federal, state and local tax returns.

Creditors' Committees

  • Review and assess the reasonableness of 13-week cash flows; analyze budgets to actuals.
  • Perform preference analyses.
  • Investigate insider transactions.
  • Search for evidence of fraudulent transfers and corporate asset misappropriations.
  • Analyze solvency, prepare expert reports and provide testimony. Evaluate the feasibility of proposed plans of reorganization and assist with developing competing plans.

Estate Fiduciaries

  • Assist with the sale of hard assets, including motor vehicles, inventory, office furniture and computer equipment, at public auctions and private sales.
  • Assist with negotiating private sales of intangibles, including domain names, 800 numbers, future revenue streams, patents and patent applications.
  • Wind down businesses as a means of maximizing creditor value.
  • Advise on compromise of claims with landlords and trade creditors.
  • Scrutinize historical financial activity for misdirection of corporate assets.
  • Develop causes of action to recover assets for the benefit of creditors.
  • Distribute monetized estate assets to creditors and equity holders based on priority ranking.

For more information on our Bankruptcy and Insolvency Services, please contact Richard P. Finkel, CPA/CFF, CFE, CIRA at or 860-561-6891.

Contact our Litigation Support Team for more information:



Advisors | Auditors | Consultants | CPAs - Blum Shapiro is one of the premier public accounting firms in the northeast and a Top 100 CPA Firm in the U.S. Our professionals serve businesses, individuals and organizations in Boston (MA), Hartford (CT), Cranston (RI), Shelton (CT) ,Quincy (MA) and Newton (MA) with audit, tax and business consulting services. Our firm has developed practice areas in automotive, construction, education, government, healthcare, hospitality, manufacturing, nonprofit organizations and professional service firms. New Haven CT, Fairfield CT, Norwalk CT, Waterbury CT.