The Basics of Bankruptcy Protection
- Topics:
- Decision Analysis
- Tags:
- Bankruptcy,
- Bankruptcy Protection,
- Business Operations,
- Certified Public Accountant,
- Finance,
- Financial,
- Financial Accounting,
- Litigation
- Source:
- The CPA Journal
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Overview: A business’s accounting advisers are often among the first to know when an organization is facing financial difficulty. They are in a unique position to work with legal counsel in evaluating the company’s financial problems and developing effective restructuring efforts. The sooner a restructuring plan is created, the more options will be available to the bankrupt company and the greater the likelihood of an eventual turnaround. The authors review several alternatives under the bankruptcy code and how to utilize them. Chapter 11 of the United States Code (11 USC 101-1330), the bankruptcy code, provides a mechanism for a financially troubled business to restructure its operations and its balance sheet in an attempt to remain a viable business enterprise. Subject to certain exceptions, any business can file for Chapter 11 protection as long it has assets, a domicile, a place of business, or property in the United States.
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Format: HTML | Date: Jan 2003 | Pages: 1
