Often times, debtors and creditors in situations involving insolvency seek guidance from an independent financial advisor.

As financial advisor to a debtor or creditors, Marcum’s objective is to assist the Committee in its efforts to maximize recovery for creditors. Marcum is especially suited for this role because of its extensive experience in providing advisory services to all constituents in bankruptcy proceedings, including creditor committees, debtors and trustees.

Scope of Services


  • Analyzes debtor’s operations and communication of findings to the Committee.
  • Prepares cash flow budgets to determine cash needs and related monitoring of budget variances.
  • Assesses business viability and indication of value of the business.
  • Identifies potential for cost cutting and/or profit enhancement and assist in implementation.
  • Preparation of receivership budget.
  • Inventory and inspect the abandoned properties and identify unsafe or other hazardous conditions.
  • Board and otherwise secure improvements. Initiate a continuing maintenance plan for the sites and improvements until the foreclosures are completed.
  • Review the status of real estate taxes and payment thereof.
  • Review liability and casualty insurance requirements and procure adequate coverage.
  • Review the status of all permits and other development entitlements and develop and implement a plan to preserve them as necessary until the foreclosures are completed.
  • Marshal and store any personal property pertaining to the projects.
  • Engagement and mobilize interim and limited construction activities as may be needed and approved by the lender to preserve collateral value and comply with code requirements.
  • Facilitate and oversee government inspections of the improvements as may be needed from time to time.

Accounting and Reporting

  • Reviews reports such as monthly DIP reports for discrepancies and/or inaccuracies.
  • Performs accounting services as needed so that the debtor’s accounting reports accurately reflect its operations.
  • Communicate with the lender and other interested parties, as necessary. Appear at court hearings, and, if necessary, testify.

Asset Sales and Recovery

  • Reviews of existing assets such as receivables and efforts to expedite recovery.
  • Sale supports of assets including preparation of bid packages, evaluation of competing sale offers and negotiations with potential buyers.
  • Evaluates the merits of asset liquidation proposals.

Litigation Support

  • Review of pre-petition activity to explore potential preferential transfers to insiders and non-insiders.
  • Forensic review of pre-petition activity for fraudulent transfers to officers, insiders and/or affiliates.
  • Litigation support for any disputed receivables and payables.
  • Expert testimony as required.
  • Provides complex forensic analysis.

Plan of Reorganization

  • Analysis and review of debtor’s plan and evaluation of alternatives.
  • Liquidation analysis required for Plan.
  • Evaluation of tax consequences due to plan proposals.
  • Provides consultation to confirm the Disclosure Statement and Liquidating rust documents.
  • Develop liquidation analyses.


Valuation & Litigation Advisor

Monthly update on topics relating to business valuation and litigation support.


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David  Glusman

David Glusman


  • Advisory
  • Philadelphia, PA
Gary B. Rosen

Gary B. Rosen

National Forensic Advisory Services Leader

  • Advisory
  • New York, NY