Bankruptcy Basics

Instructors

Grant W. Newton, PhD., CIRA, CPA
Grant W. Newton is Professor Emeritus of Accounting at Pepperdine University, where he taught for 22 years. He also served as the Executive / Administrative Director of the Association of Insolvency and Restructuring Advisors from early 1970’s until his retirement December 31, 2015. His certifications include or have included CPA, CIRA, CFF, and CMA among others. He holds a Ph.D. in Accounting from New York University and is the author of Bankruptcy and Insolvency Accounting: Practice and Procedure and coauthor of Bankruptcy and Insolvency Taxation, both published by John Wiley and Sons. Grant was a member of the AICPA’s Task Force on Financial Reporting by Entities in Reorganization under the Bankruptcy Code that resulted in the issuance of the Statement of Position 90-7. Other works include coauthoring Consulting Services Practice Aid 02-1: Business Valuation in Bankruptcy and Providing Bankruptcy & Reorganization Services—Practice Aid, and editor of 2005 Bankruptcy Revisions: Implications for Business and Financial Advisors, all published by the AICPA. He also has published many articles in scholarly and professional publications.

Jack F. Williams, CIRA, CDBV
Jack F. Williams is a tenured Full Professor at Georgia State University College of Law and the Center for Middle East Studies in Atlanta, Georgia. Williams is also a Principal in the Restructuring, Disputes & Valuation Advisory Services Group with Baker Tilly Virchow and Krause, LLP. His areas of interest include bankruptcy and business reorganizations, mergers and acquisitions, business valuations in dispute, forensic accounting, commercial law and damages models, corporate finance, capital markets, fraud and anti-corruption, Islamic banking and finance, taxation, public finance, and law and statistics.

Description:

This text- and audio-based course provides a comprehensive yet flexible program to meet a variety of situations and objectives for individual or group study, consisting of eight parts:

1. Nature of the Bankruptcy Process
2. Preplanning for and Filing of the Petition
3. Issues Related to Operating and Turning Around Troubled Businesses
4. Creditor Rights and Claims
5. Financial Reporting During Chapter 11 (FASB ASC 852)
6. Chapter 11 Plans
7. Reporting Requirements under FASB ASC 852 on Emergence from Chapter 11
8. Special Situations Involving Financial Advisors in Recovery Action (e.g., preferences, fraudulent transfers, forensic accounting)

Objectives:

Through completing this course financial advisors will be equipped to:

1. Recognize when assignment for benefit of creditors may be preferable to Chapter 11 for small businesses
2. Help clients determine when to file a petition
3. Support clients with preplanning for petition filing
4. Account for client’s operations during Chapter 11
5. Apply fresh start accounting
6. Prepare schedules and reports to file with bankruptcy court
7. Assist clients dealing with distressed businesses
8. Prepare and submit documents for retention and fees