Bankruptcy and Insolvency Accounting Sixth Edition 2003 Supplement

Bankruptcy and Insolvency Accounting Sixth Edition 2003 Supplement

by Grant W. Newton

Paperback(6TH SUPPLM)

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Overview

The 2003 Supplement updates the following:
  • Forms in Appendix A in Volume 2.
  • Legal aspects of bankruptcy and insolvency proceedings including a new section on critical vendors.
  • Rehabilitation proceedings under the bankruptcy code and operating under Chapter 11 as well as auditing procedures and reports.
The supplement updates the core volume, Newton/Bankruptcy and Insolvency Accounting, Sixth Edition.

Product Details

ISBN-13: 9780471390428
Publisher: Wiley, John & Sons, Incorporated
Publication date: 12/23/2002
Edition description: 6TH SUPPLM
Pages: 116
Product dimensions: 6.04(w) x 9.05(h) x 0.34(d)

Table of Contents

Volume 1Practice and Procedure
Part 1Bankruptcy and Insolvency Environment3
1Accountant's Role in Perspective3
Topical Overview3
1.7Alternatives Available to a Financially Troubled Business3
(e)Chapter 13--Adjustment of Debts of an Individual with Regular Income3
Professional Certification3
1.18Certified Insolvency and Restructuring Advisor (CIRA)3
(b)Requirements for Certification3
2Economic Causes of Business Failure5
Definition of Successful and Unsuccessful Business5
2.3Business Failure Statistics5
Causes of Financial Difficulty5
2.5Size of Business Failures5
2.11Inside Underlying Causes6
(a)Overextension of Credit6
Part 2Legal Aspects of Bankruptcy and Insolvency Proceedings9
5Nature of Bankruptcy and Insolvency Proceedings9
Historical Origin9
5.4Current Bankruptcy Statistics9
Provisions Common to All Proceedings11
5.18Bankruptcy Courts11
5.21Commencement of Cases12
(b)Involuntary12
5.22Filing and Quarterly Fees12
5.26Adequate Protection12
5.27Automatic Stay13
5.28Use of the Estate's Property13
5.29Executory Contracts and Leases13
(b)Meaning of "Sixty-Day" Assumption14
(d)Lease Rejection14
(f)Employment Contracts15
(g)Rent Prior to Rejection of Lease15
5.30Utility Service16
5.31Allowance of Claims or Interests16
(a)Secured Claims17
5.32Expense of Administration17
(a)Critical Vendors (New)18
5.33Priorities18
5.34Exemptions19
5.36Property of the Estate20
5.38Reclamation21
5.39Preferences22
(a)Insolvency22
(b)Determination22
(c)Insider Guarantee24
(d)Exceptions24
5.40Fraudulent Transfers28
(c)Meaning of Transfer28
(d)Reasonable Equivalent Value28
5.41Postpetition Transfers28
5.43Setoffs29
Chapter 7Liquidation31
5.49Liquidation of Assets31
6Rehabilitation Proceedings under the Bankruptcy Code33
Operating under Chapter 1133
6.6Creditors' and Equity Holders' Committees33
(a)Creditors' Committee33
6.7Appointment or Election of Trustee33
6.14Obtaining Credit34
(c)Other Issues34
6.15Claims and Interests35
(c)Rejection of Collective Bargaining Agreements35
Developing the Plan35
6.19Classification of Claims35
6.20Claim Subordination35
(a)Contractual Subordination35
6.21Secured Claim Classification36
6.23Content of the Plan36
6.24Permissible Provisions36
6.25Impairment of Claims37
6.26Disclosure Statement38
Confirmation of the Plan38
6.31Best Interest of Creditors38
6.33Feasibility38
6.34Cramdown39
(a)Modification of Secured Claims39
(d)Value Exception39
Postconfirmation40
6.36Impact40
6.39Postconfirmation Recovery40
6.42Conversion to Chapter 7 or Dismissal41
7Retention of the Accountant and Fees43
Retention of the Accountant43
7.7Affidavit of Proposed Accountant43
(c)Indemnification (New)43
Determination of Accountant's Fees46
7.20Compensation Must Be Approved by the Court46
7.21Factors to Consider When Estimating Fees46
Part 3Auditing Procedures and Reports49
14Reporting Results of the Plan49
Chapter 1149
14.3Allocation of Reorganization Value49
(a)Asset Values49
(d)Net Operating Loss51
14.5Recording the Adoption of Fresh-Start Reporting51
14.6Deferred Taxes51
16Tax Awareness55
Notification of Proceedings and Filing of Returns55
16.2Notice to Governmental Agencies55
Administrative Aspects of Taxes55
16.37Tax Priorities55
(a)Administrative Expenses55
(b)"Involuntary Gap" Claims56
(c)Prepetition Wages56
(e)Income and Gross Receipts Taxes56
(f)Property Taxes57
16.45Tax Procedures57
Volume 2Forms and Exhibits
Part 3Accounting Services61
6Rehabilitation Proceedings under the Bankruptcy Code61
6.11Plan or Reorganization: American Rice61
6.11APlan of Liquidation (New)61
Part 4Auditing Procedures and Reports83
14Reporting Results of the Plan83
14.4Note That Fresh-Start Reporting Does Not Apply: Medical Technology Systems, Inc.83
14.5Excerpts From Form 10-K Dealing with Goodwill and Restructuring for 90-7: eNucleus (New)83
14.6Note That Negative Goodwill Exists: Woodworkers Warehouse, Inc. (New)85
Appendix AOfficial Bankruptcy Forms89
Index113

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