Lee Restructuring Advisors
Financial advisory for Subchapter V and Chapter 11 debtors.
Cash flow forecasts, monthly operating reports, cash collateral budgets, and plan projections that the U.S. Trustee, the Subchapter V trustee, and the lender can trace line by line. Prepared by a former AlixPartners restructuring professional, working directly with debtor's counsel.
We take cases in any U.S. bankruptcy court and work remotely. You send records online, and we work with counsel, the trustee, and the lender by video and phone.
What the work looks like
Three sample deliverables built on one illustrative composite debtor, a facility services company in Subchapter V. Not a client; every name and figure is fictitious. The structure, formulas, and level of detail are what we prepare for filing, and the three documents tie to each other: the model's opening cash is the MOR's line 23, and the plan budget feeds both.
- 13-week cash flow model (PDF)
Weekly forecast, MOR projection, A/R and A/P engines, assumptions, agings, balance sheet. 12 pages, printed from the live workbook.
- Monthly operating report package (PDF)
Official Form 425C completed, Exhibits A through F, bank reconciliation by account, condensed balance sheet. 14 pages.
- Plan budget model (PDF)
Fifteen-month P&L with revenue and payroll engines, assumptions, plan payments, and base, downside, and upside cases. 7 pages.
Most recent engagement: engaged through debtor's counsel in a Subchapter V case in business services, preparing the 13-week cash flow forecast, the cash collateral budget, the monthly operating reports, and the plan projections, through confirmation of a nonconsensual plan.
Background: Vice President, Turnaround and Restructuring, at AlixPartners, on large Chapter 11 cases. Chief Financial Officer of an operating company through a turnaround to profitability. Investment banking at Jefferies.
What we prepare
Every engagement is scoped by deliverable. These are the documents a case runs on, and the point in the case where each one is needed.
- 13-week cash flow forecastPetition week, then weekly
- Monthly operating reportEvery month of the case
- Cash collateral and DIP budgetsFirst weeks, then per order
- Plan projections and feasibilityPlan filing and confirmation
- Lender, trustee, and committee reportingAs ordered
- Retention paperworkAt engagement
| Deliverable | Used for | When |
|---|---|---|
| 13-week cash flow forecast | First-day and cash collateral motions, DIP budgets, weekly variance reporting | Petition week, then weekly |
| Monthly operating report | Reporting under §308 and Rule 2015(a)(6) on Form 425C, or UST Form 11-MOR outside the small business track | Every month of the case |
| Cash collateral and DIP budgets | Motions and orders under §363 and §364, lender consent, budget compliance reporting | First weeks, then per order |
| Plan projections and feasibility | Feasibility under §1129(a)(11); for a nonconsensual Subchapter V plan, the disposable income and ability-to-pay requirements of §1191(c) and (d); the best-interests test under §1129(a)(7) | Plan filing and confirmation |
| Lender, trustee, and committee reporting | Periodic reporting required by orders, Subchapter V trustee monitoring, committee information requests | As ordered |
| Retention paperwork | Application under §327, disclosure under Rule 2014, engagement letter, proposed order | At engagement |
Debtor's counsel
Counsel needs numbers the U.S. Trustee and the Subchapter V trustee will accept, delivered on the case calendar, without having to run the debtor's reporting themselves.
Subchapter V trustees
When a debtor cannot produce reliable reports or a plan that holds together, the trustee sees it first. We prepare to the trustee's reporting expectations and the plan's feasibility test.
Owners and boards
A company in Chapter 11 has to close the month, forecast thirteen weeks, and explain every variance. When no one inside the company has done that before, we prepare the reports and work alongside the existing staff for the life of the case.
How we are retained
The debtor, through counsel, applies to the court to retain us under §327 as its financial advisor. We prepare the Rule 2014 declaration, the engagement letter, and the proposed order, and we keep time records and fee applications in the form the court and the U.S. Trustee require.
Your lawyer handles court approval; we hand them the paperwork.
Fixed fees by deliverable, subject to court approval: monthly report only $1,500 a month; full reporting $4,500 to set up, $2,500 a month, and $4,500 for plan projections. See fees
In our review of 213 Subchapter V cases filed in late 2025, 59 of 66 confirmed debtors had filed their monthly operating reports on time, and none of the 13 that never filed one was confirmed. How we counted
Our office is in Stamford, Connecticut. We attend hearings by video where the court allows it and in person when the court requires it. In Alabama and North Carolina, the bankruptcy administrator fills the U.S. Trustee's role.
Principal
Juwon Lee
Former Vice President, Turnaround and Restructuring, at AlixPartners, on large Chapter 11 cases. Former Chief Financial Officer of The Princeton Review, leading an operating turnaround to profitability. Earlier, investment banking at Jefferies. MBA, Kellogg School of Management. Based in Stamford, Connecticut; engagements nationwide.
Insights
Official Form 425C: A Working Guide to the Subchapter V Monthly Operating Report
Form 425C instructions for Subchapter V and small business debtors: what each of the form's eight parts and 42 lines asks for, the Rule 2015(a)(6) deadline, the six exhibits, and where reports go wrong.
Building Exhibit B Projections That Survive Subchapter V Confirmation
Plan projections for a Subchapter V case must show realistic revenue, conservative expenses, and cash flow that funds every payment the plan promises. What the feasibility test asks, the three assumption categories that get scrutinized, and the documentation failures that draw objections.
Discuss a case
Send the court, where the case stands, and what is due next. You will hear back from Juwon Lee directly.