ABOUT THE COMPANY:
Social Construct Company set out to solve the problem of high multifamily construction costs in cities. They developed a software platform to streamline the construction process.
The Company's early stages of commercial growth coincided with the pandemic -- which carried the spectre of plummeting rents due to reduced demand for multifamily real estate. The Company pursued additional capital from new investors, to no avail. Existing investors were fatigued. Their secured creditor foreclosed on the assets and hired employees, leaving the founders with a stack of liabilities.
A board member who had previously put a portfolio company into an assignment for the benefit of creditors ("ABC") suggested this route to the founders and introduced G2. After assessing the facts of the situation and explaining options to the Company, G2 agreed to serve as the assignee (similar to a trustee) in the ABC.
As assignee G2 became the point of contact with government entities and the Company's creditors, investors, and former employees. The Assignee stored corporate records, ensured tax returns were filed, pursued refunds, and managed estate cash.