I came for the waterfall exercise and stayed for the way Hsieh Wei-An refused to let us hide a shareholder loan under “other payables.” Our audit committee used that page the following Tuesday.
Reviews
Notes we were allowed to print
Names appear as participants chose. We do not buy reviews. A few comments mention the same modules you will find in the reconstruction studio.
★★★★★
Plant-gate workshop, Changhua. The operations lead finally heard why the coating line could not be sold with the ERP still shared. Dry, useful, slightly too fast on the IT cutover checklist.
The creditor committee language session taught me to stop opening with a market overview. Our Taipei desk had been asking for that overview for months; they actually wanted the 13-week view with haircuts labelled as haircuts.
Office hours after module four were the only place I could ask whether a family guarantee should sit inside or outside the waterfall. The answer was “both, and minute why.” I still think the workbook underplays foreign-currency mismatches, which is why I booked a Ledger walk afterwards.
★★★★☆
Clear English, no theatre. The carve-out sequencing page matched what we did with a JV interest in 2025. I wanted a template SPA annex; they sent me to counsel instead, which I respect and also found inconvenient.
Case file A — Family holding, Taichung
A second-generation holding company had three operating companies sharing a cash pool and a single revolving line. After a delayed receivable from a related distributor, the pool went negative. Panel FlowHub ran a Ledger walk, then a four-week Board-side desk. We separated the pool on paper first, then in the bank, and wrote minutes that recorded which sibling would fund a shortfall. The line was not cancelled. The family still argues about dividends; they no longer argue about whose cash is whose.
Case file B — Export manufacturer, mid-Taiwan
A covenant breach on interest cover arrived two days before a shipment week. The CFO had attended Opening a mandate after a covenant breach as a journal reader, then booked the Reconstruction studio. We built a creditor pack that listed what would not be promised. Two banks stayed; one reduced the sub-limit on letters of credit. Limitation: we did not attend the later court mediation; local counsel did.