Solvency Opinions
Duff & Phelps Opinions practice helps boards of directors and special committees formed by boards fulfill their fiduciary responsibilities when considering many corporate transactions. In 2018, Duff & Phelps acquired Kroll and unified under the Kroll brand in 2020.
Contact UsExplore Corporate Finance and Restructuring

A solvency analysis and opinion helps companies and their boards of directors steer clear of fraudulent transfers and illegal dividends or distributions.
State laws impose certain duties on boards of directors with respect to dividends, distributions and other transfers.
Dividends must be paid from surplus, and cannot leave the company insolvent or with insufficient capital.
A solvency opinion makes determinations as to whether, after giving effect to a transaction:
- The company’s assets exceed its debts;
- The company should be able to pay its debts as they come due;
- The company is not left with unreasonably small assets or capital; and
- There is sufficient surplus to effect a distribution.
These determinations arise from fraudulent transfer statutes and dividend prerequisites in state laws. Solvency analysis also provides a board and company management with valuable insight as to the equity and cash flow cushion with respect to its ongoing business.
Duff & Phelps Opinions practice is a globally recognized leader in solvency opinions. Since 2005, we have rendered more than 2,376 fairness and solvency opinions for transactions with an aggregate deal value of over $7 trillion.
Solvency Advisory Services
A solvency analysis and opinion can enhance the company’s or board’s analysis of any leveraged transaction or contemplated distribution. The types of applicable transactions include:
- Spin-offs and split-offs
- Corporate spin-off transactions are often done to release shareholder value and achieve other business purposes
- Dividend recapitalizations
- Solvency opinions from independent financial advisors are often written into credit agreements as a condition of closing
- Leveraged buyouts
- Debt refinancings
- Intercompany restructurings
- Large stock buybacks

Frequently Asked Questions
Connect with us on LinkedIn
Kroll Corporate Finance and Restructuring is now on LinkedIn. Connect with us for the latest insights on investment banking, corporate finance, restructuring and insolvency solutions.
Connect with us
Explore areas we can helpStay Ahead with Kroll
Mergers and Acquisitions (M&A) Advisory
Kroll’s investment banking practice has extensive experience in M&A deal strategy and structuring, capital raising, transaction advisory services and financial sponsor coverage. Duff & Phelps acquired Kroll in 2018 and unified under the Kroll brand in 2020.
ESOP and ERISA Advisory
Kroll's Corporate Finance ESOP/ERISA practice is a leading corporate finance and valuation advisor to companies and ERISA fiduciaries. Duff & Phelps acquired Kroll in 2018 and unified under the Kroll brand in 2020.
Transaction Advisory Services
Kroll’s Transaction Advisory Services platform offers corporate and financial investors with deep accounting and technical expertise, commercial knowledge, industry insight and seamless analytical services throughout the deal continuum. Duff & Phelps acquired Kroll in 2018 and unified under the Kroll brand in 2020.