Helena Industries Inc

“Joseph V. Womack, Bankruptcy Trustee was appointed by the Bankruptcy Court, District of Montana to operate the non-profit corporate bankruptcy as a business in a professional manner to preserve the value of all assets, with the intentions of winding down operations, wrapping up all loose affairs and liquidating the assets of Helena Industries, Inc.”

“The entity is under bankruptcy protection. Furniture and Fixtures, machinery and equipment, mobile equipment and other such assets were sold by public auction. The buildings and land were sold through a Realtor.”

“The Tax Form 990 normally is reviewed by management, then presented to the Board of Directors for Approval. However, as Helena Industries has filed for Chapter 7 Bankruptcy Protection, therefore, the Form 990 will be reviewed by the Bankruptcy Trustee for approval.”

“As of May 3, 2018, there were no Board Members. The Bankruptcy Trustee must have all major transactions approved by the Bankruptcy Court to verify that there were no conflicts on interest.”

“Bankruptcy Trustee must submit an affidavit to the Bankruptcy Court for any person and/or entity to be approved for payment, before any services are provided.”

“Bankruptcy Trustee must submit an affidavit to the Bankruptcy Court for any person and/or entity to be approved for payment, before any services are provided.”

“The organization will makes available its governing policies, tax returns and other appropriate financial documents upon request and approval by the Bankruptcy Court, for the District of Montana.”

“Client Note 1 - Helena Industries, Inc.Entity in Bankruptcy Fiscal year ended June 30, 2019Disclosures:1. Helena Industries filed for bankruptcy protection on May 3, 2018 with the United States Bankruptcy Court for the District of Montana.2. The Trustee, Joseph V. Womack, took control of the business affairs of Helena Industries, Inc. to facilitate liquidation of the assets of the bankruptcy entity. No debt discharge will occur. The entity will ceased to exist once all asset have been liquidated, collectible accounts receivables have been received, administrative expenses have been paid and remaining funds will be distribution proportionately to creditors.”

“Helena Industries, Inc filed a petition with the United States Bankruptcy Court for the District of Montana. A fire damaged the thrift store in March 2018 and left it inoperable. The other services previously carried on by the entity ceased upon the filing of the Bankruptcy Petition and employees were let go. A Bankruptcy Trustee was appointed to operate the not-for-profit entity as a business for the period of time necessary so that all assets can be liquidated and corporate affairs are resolved. Once appointed the Bankruptcy Trustee set about to acquire the books and records; collect outstanding accounts receivable; determine what assets were held by the entity; pay any expenditures necessary to preserve the value of those asset; file Form 990's that were due; assure all payroll filings were in order and related IRS reports were filed; file Form 5500's for the entity's 401k Profit Sharing Retirement Plan; adopt a plan to terminate the Plan; engage the Administrative Service Provider to notify the participants of the planned termination and provide options for distribution of participant benefits in the plan. The Bankruptcy Trustee will then file final Form 990's and Form 5500's with the Internal Revenue Service and the Department of Labor. Subsequent to acceptance of those filings, the Bankruptcy Trustee will pay administrative expenses, settle creditors claims with remaining funds and formally submit necessary documents to close Helena Industries, Inc.”