In Wisconsin, the ABC process is governed by statute and is court supervised.  Similar to an Illinois ABC, the Company can select the Receiver.  However, unlike an Illinois ABC, the Receiver, usually an experienced Wisconsin attorney, has the authority to pursue avoidance actions and recover preferential transfers.  In addition, the Wisconsin 128 statute provides for an “automatic stay”, similar to a bankruptcy.  One of the many benefits of a Wisconsin 128 receivership is that the assets of a business can be sold in a fairly short time frame and the buyer of the assets receives a court order approving the sale free and clear of all liens and encumbrances.

We have typically served as the financial advisor to the Chapter 128 Receiver in many matters.  In this capacity, we have been entrusted to provide cash management and operational management services to the business.  We also assist the Receiver by providing investment banking-related services to identify prospective buyers for the Company (in both a going-concern or shut-down scenario), coordinate due diligence efforts and assist in the negotiation process.