02 Jun 2017

Behind the “Green” Curtain: Morgan Wisbey

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This month in our “Behind the Green Curtain Series,” meet Morgan Wisbey, BMS Director of Insolvency Client Services. Morgan leads services that adhere to the needs of corporate restructuring fiduciaries and other insolvency professionals. Learn more about Morgan’s role and BMS insolvency services below!

Q: You became Director of Insolvency Client Services in 2015. How long have you been working in the insolvency industry, and what are some trends you are seeing now?

A: I have over 17 years of experience working with insolvency and corporate restructuring fiduciaries. In the past year, I have noticed that large, mega cases are becoming more scarce and firms are taking on smaller cases in greater numbers.

Q: What challenges do insolvency and corporate restructuring professionals face when it comes to managing funds for their engagements?

A: At the beginning of engagements, the challenge many fiduciaries face is finding a bank which is UST-approved that is willing to accept these types of funds and take on these balances. Also finding a bank where accounts can be opened quickly and does not charge any service or transaction fees.

Q:What solutions does BMS provide for restructuring professionals?

A: BMS offers services designed to ease those challenges fiduciaries face at the start of an engagement with respect to banking and, after that, meeting their needs every step of the way. Our clients can open accounts within days instead of weeks, and the estate is never charged any bank fees. Our free TrustWorks software allows fiduciaries to manage bank accounts, store claims data, produce distributions and generate checks all in one place, and fiduciaries who are BMS clients can also access a website offering check mailing services for a nominal fee.

Q: In your role, how do you support BMS insolvency and corporate restructuring clients?

A: As the primary point of contact for our corporate restructuring clients, I assist them with software training, complex distribution scenarios and reporting. Over the past two years, I have been focused on adding and growing the insolvency and corporate restructuring services we provide.  Our ultimate goal is to offer a wide range of services which better serve and streamline the entire case management process. We are also adding more functionality and features to our TrustWorks software, which will serve to better sync the software with other platforms, and also provide more efficiency in data collection, dissemination and reporting.

Q: Why should fiduciaries involved with corporate restructurings become clients with BMS?

A: With BMS, fiduciaries have the ability to open bank accounts within days (or minutes for additional accounts within the same case), which takes several weeks or more with other banks. We also charge no banking or service fees, so our clients can maximize returns to the creditors at a low cost to the estate. Plus, our TrustWorks software is designed to handle tasks that are not possible with Excel spreadsheets, including managing claims and distributions, and tracking payments and cleared checks. We also offer comprehensive, 24/7 support with a dedicated banking team and account managers—all who have many years of industry experience to assist clients with even the most complex of cases.

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