A senior MCS consultant was initially requested by the financial partners to perform an operational audit on the business with an eye on how best to assist the managing partner. When the audit uncovered indications of embezzlement, the financial partners took over physical possession of the business site and requested MCS to manage the business until all issues could be resolved.
During the next six weeks the business successfully operated on a strictly cash accounting basis. Positive relationships were re-negotiated between the business and its bank, suppliers, employees and customers. When a financial audit uncovered previously unpaid tax liabilities, the remaining partners decided to close the business. At that time, MCS made sure that all customer and employee obligations were met and arranged for the return or liquidation of all remaining inventory, equipment and stores.
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