Xelan Inc.

Client:
William A. Leonard, Trustee

Project Description:
Xelan and its related entities generally provided various investment and insurance products to a network of doctors. The company ran afoul of the Internal Revenue Service due to the nature of some of these products, and as a result, several of the entities sought bankruptcy protection.

Scope of Work:
Douglas Wilson Companies served as the accountants for the Trustee assigned to this matter. The work performed included the depositing of cash receipts, completing source and application of funds schedules for the entities, and reporting on the financial results to the Trustee. In addition, the Company performed a complete analysis of all revenues and expenses of the Xelan entities since bankruptcy in order to perform a true-up and separation of multiple commingled accounts between the estate and the operator of the business, who was acting under a Business Asset Preservation Agreement. In this capacity, Douglas Wilson Companies assisted the Trustee during the sale by providing an accurate accounting and separation of the operating results of the various entities involved.