Bankruptcy Management

Bankruptcy Management allows you to handle the bankruptcy accounting for one or more companies.

This feature provides support for handling bankrupt companies and their claimants, which are vendors with outstanding invoices, in Maconomy.

In Maconomy, bankruptcy accounting is handled as jobs, but differ from standard Maconomy jobs. When a company goes bankrupt, a law firm takes control over its finances, and registers claims made by vendors. The validity of the claims is examined to determine which are legitimate. The bankrupt company then makes payments to the extent that it can.

The Bankruptcy Management workspace enables you to create a company and keep track of its assets, employees, vendors, and customers. Only companies created within the Bankruptcy Management workspace are handled in this workspace.

Additionally, this workspace provides functionality to help you determine the proper sequence in which vendors should be paid, either partially or fully.

You can also view journal entries in the general ledger, which provides detailed information on each transaction done in the workspace. Create or import a local chart of accounts for the company to the workspace.

Bankrupt companies are viewable in the standard Maconomy system, but because they differ from standard companies created within Maconomy, you cannot use a standard company in this workspace.