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GLG Topic: Bankruptcy Accounting

Bankruptcy is the state in which an entity is unable to pay its creditors, forcing a legal process to resolve payment of debts. There are six types of bankruptcy, with Chapters 7, 11, and 13 the most common. Chapter 7 bankruptcy is the basic liquidation of an individual's or entity's assets. Chapter 11 bankruptcy is the reorganization primarily of business debtors. Chapter 13 bankruptcy entails the rehabilitation and payment plan for individuals.

Leading Experts: Bankruptcy Accounting

Grant Newton, CPA, Executive Director, ASSOCIATION OF INSOLVENCY RESTRUCTINGGrant Newton, CPA

Executive Director
ASSOCIATION OF INSOLVENCY RESTRUCTING
What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Grant W. Newton is Executive Director at Association of Insolvency and Restructuring Advisors (AIRA), a professional association, where he has worked since October 1990. Mr. Newton is a Professor Emeritus of Accounting at Pepperdine University in Malibu, California. His areas of expertise include financial...

Gary Schneider, CEO, Jehle Energy Group, LLCGary Schneider

CEO
Jehle Energy Group, LLC
What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Gary Schneider is the Chief Executive Officer at Jehle Energy Group, LLc, a closely-held oil and gas leasing and production firm. Previously, he was a Partner of Ernst & Young, LLP....

Rohan Abraham, Client Service Director, Grant Thornton IndiaRohan Abraham

Client Service Director
Grant Thornton India
What is a GLG Educator?|GLG Educators have qualified for GLG Member Programs and are therefore eligible to participate in ongoing in-depth consulting projects with GLG clients.What is a Premium Council Partner?|Premium Council Partners are leading Professional Service Firms that work exclusively with GLG.

Rohan Abraham is a Client Service Director – Business Risk Services at Grant Thornton, India. He specializes in areas of business process risk consulting, internal audits, SoX 404, Clause 49 and SAS 70. Previously Mr. Abraham has worked with Arthur Andersen and Ernst & Young. He spent over a year assisting...

Richard Barker

Finance Director
Spetisbury (Construction) Ltd
What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Richard Barker is the Finance Director of Spetisbury Construction Ltd, a UK-based construction contractor, where he is responsible for ensuring compliance and implementation of applicable UK GAAP. He has over 20 years of accounting experience, and has led investigations and due diligence exercises,...

Raghavachari Nambi, Senior Partner, RSN & Associates, Chartered AccountantsRaghavachari Nambi

Senior Partner
RSN & Associates, Chartered Accountants
What is a GLG Educator?|GLG Educators have qualified for GLG Member Programs and are therefore eligible to participate in ongoing in-depth consulting projects with GLG clients.What is a Premium Council Partner?|Premium Council Partners are leading Professional Service Firms that work exclusively with GLG.

Raghavachari Nambi is a Senior Partner at R S N & Associates, an India-based accounting firm and also the Proprietor of Tejasve Exports, family concern specialising in third country imports/exports in textiles, steel, agri products, cement, rice , sugar etc . In addition to this, Mr. Nambi is a consultant...

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GLG NewsSM Analysis: Bankruptcy Accounting(?)

Opinions and analyses expressed in GLG News are solely those of the author. See the Terms of Use for details.

GM Bankruptcy Good for

May 7, 2009

GM Bankruptcy Probable as Obama Favors UAW Against Bondholders | www.bloomberg.com

The Chrysler example has shown that bondholders have little chance to gain anything in bankruptcy.    GM bondholders would do well to learn from the Chrysler bondholder's experience.  Bankruptcy (CH 11) is Washington's prescription for fixing the auto companies' aliments, without...

Dealers Will Drag Out Chrysler's Bankruptcy

May 11, 2009

Obama Expects Any Chrysler Bankruptcy to Be ‘Quick’ | www.bloomberg.com

President Obama may want Chrysler's bankruptcy to be quick, but terminated dealers can drag out the process in their quest for bankruptcy money.  Even a quick bankruptcy can't solve Chrysler's underlying problem: it produces mediocre cars.    

Forensic Accounting - Fraud - A Perspective

May 18, 2009

Nitish Grover, FCA, AICPA Intl Associate, Principal, Owner, Nitish Grover and Associates

In House Fraud Cases Surge | www.ft.com

The referred article speaks of the increased levels of fraud by insiders in organizations across countries - especially those that are hit by recession. In this analysis I take a look at how this will impact forensic accounting and indepth audits. The role of the accountant and auditor will gain emphasis...

Is Liquidity Accounting the Future?

May 5, 2009

CFO's on IFRS: Forget About It | www.cfo.com

Current accounting standards are confusing and hard to understand by the average reader of financial statements.  They don't present a picture of liquidity or an analysis of of cash needs and uses.  Good businesses fail principally because they run out of cash, yet the traditional statement...

Impact of GM Bankruptcy & Disfranchisng Various Dealerships

June 11, 2009

G.M. to Seek Bankruptcy and a New Start | www.nytimes.com

Reorganization of the 'Old GM' after Bankruptcy into the 'New GM'. GM method of selecting various Dealerships to issue notice of disfranchising over the next 18 months (possibly 2,600+ existing GM Dealerships). Number of potential Dealership job loss due to being disfranchised by GM.

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