Announcing our new partnership with Prosperity Partnersโ€”find out how this exciting collaboration benefits you!

Receivership Commercial Services

Business & Real Estate Receivership Services

Cendrowski Corporate Advisors has extensive knowledge of handling business and real estate property loans that are in default or foreclosure, and bankruptcy proceedings requiring court-appointed receivership. Our team of receivership professionals recognize that every transaction is unique. We take a dynamic approach to working with or serving as receivers to prepare and execute a plan to protect operations and physical assets, thereby preserving asset value.

Our most active areas of appointments are commercial real estate properties litigation and other related matters. Our ability to rapidly deploy resources and in-depth understanding of complex legal and managerial structure allows us to act as a receiver and perform services including:

Receivership Accounting

Cendrowski Corporate Advisors secures all books, records, cash, checkbooks, keys, codes, contracts, permits, and licenses from the debtor/owner and establishes new accounts for cash purposes. Our specialists establish new financial controls and systematically audit all prior financials to establish consistent and accurate reporting to the Receiver.

Receivership Operations

We perform property, management, and physical plant inspections and make recommendations on deferred maintenance and life safety issues, vendor and supplier agreements, property maintenance contracts, and re-establishing operating requirements to ensure the smooth operation of the business during the transition process.

Receivership and Human Resources

After determining the capability of the on-site associates and their ability to add value to the asset, we immediately switch payroll, employment manuals and initiate training to ensure minimal associate displacement. As need warrants, our ability to deploy new leadership and associates is critical to the continued operation of the business.

CCA_CaseStudy_05

Team Success Story: Analyzing a Mail Fraud Scheme

Cendrowski Corporate Advisors was engaged by a receiver to serve as experts and assist the Federal Trade Commission (FTC) with investigating a mail fraud scheme. The alleged defendants would telephone customers, offering to ship "free" samples of their cleaning products, then bill the customers for these products and demand payment.

If the bills were paid, the defendants would ship more unordered products and larger quantities to those customers, seeking additional payments. Customers paid these invoices, not realizing that they never ordered the product. When customers refused to pay for the unordered merchandise, the defendants allegedly used aggressive collection efforts to pursue the collection of purportedly overdue amounts.

Our trusted advisors assisted the receiver with a Temporary Restraining Order (TRO), asset freeze, and shutting down of the company's business operations. The FTC supported the motion for the TRO with approximately two dozen sworn declarations from alleged victims and the Better Business Bureaus, which received hundreds of complaints about the defendants. We assisted the U.S. Postal Inspector when they raided the defendant's place of business and conducted an internal onsite investigation. We gained control over the company, shut down the boiler room telemarketing operation, seized image computer hard drives and servers, interviewed vital employees, and reviewed all on-site files and documents.

Next, Cendrowski Corporate Advisors was tasked by the receiver to retrieve the assets of the receivership estate and investigate the complex integrated business operations and financial condition of the defendant's entities. Working with the FTC, we uncovered several bank accounts being utilized by the named defendants. Throughout all of these accounts, we were able to trace thousands of transactions equaling millions of dollars. Our analysis of the financial records allowed us to calculate the gross revenues this scheme had generated from the preceding five years. We calculated valuable customer and receivables records through analysis of accounting records to see if their businesses could operate lawfully and profitably. We discovered that the business operations and finances were substantially intertwined, with one company paying the credit card expenses of another separate company, which was also in question. We also revealed the company was paying the legal and operational fees for a different entity. Additionally, the receivership defendants used each other's loan facilities, employees, branding of products, and equipment to operate their various businesses. Based on the commingling of the business interests, the FTC moved to have the company structure collapsed, which provided greater funds to be recovered to satisfy the claims of the victims. In the end, several million dollars were recovered by the FTC.

cendrowski shorts

The Benefits of Outsourcing Investment Management

Nearly 40% of small and mid-sized family offices outsource investment management. But success requires more than just delegation – it demands complete transparency with your advisors. Watch to learn why effective investment management depends on sharing the full picture of your family office’s portfolio. #LIVideo #familyoffice #advisor

Read More
Podcast Appearance: Harry Cendrowski on The Most Curious Person in Multifamily

Podcast Appearance: Harry Cendrowski on The Most Curious Person in Multifamily

April 4, 2025 Harry Cendrowski, Partner atย Prosperity Partners, was recently featured onย The Most Curious Person in Multifamily, a podcast hosted byย Moshe Crane. In this insightful episode, Harry discusses the origin of theย first-ever UPREIT (Umbrella Partnership Real Estate Investment Trust)โ€”a groundbreaking tax structure his firm developed in 1992. Designed to help property owners defer capital gains […]

Read More
cendrowski shorts

Building Your Succession Dream Team The Value of Outside Expertise

Successful family office succession isn’t just about passing the torch – it’s about building a bridge of expertise between generations. Watch to learn why outside professionals are crucial for navigating the complex dynamics of next-generation leadership development. #LIVideo #familyoffice #advisor

Read More

Let's Collaborate

Opportunities donโ€™t happen, you create them. The same is true for well-informed business decisions.

How can we collaborate with you and your team?

Cendrowski Corporate Advisors needs the information you provide to us to contact you about our services. You may unsubscribe from these communications at any time. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, please review our Privacy Policy.

* indicates required fields

Scroll to Top