Bankruptcy can be a useful tool for restructuring the finances of a business, or to liquidate operations in an orderly manner. This course discusses the choices available to the manager who is looking for a way out of a difficult financial dilemma, and who needs to understand the choices available, their ramifications, and the process flow for the bankruptcy process. The course also addresses core bankruptcy concepts, such as the automatic stay, first day motions, voidable preferences, substantive consolidation, asset sales, the cramdown option, and much more.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Recognize the legal underpinnings of creditor actions to seize debtor assets.
Specify how a lien is used and what happens when an asset is sold that has a lien attached to it.
Specify the best point in time at which to file for bankruptcy protection.
Identify the debt adjustments usually made as the result of a workout arrangement.
State the circumstances under which an involuntary bankruptcy petition can be filed.
Describe the group represented by a creditors' committee.
Specify the contents of a bankruptcy plan.
Specify the various ways in which a court can oversee the activities of a debtor under bankruptcy protection.
Recognize the priorities for the payment of administrative expenses.
Specify the different financial statements that must be issued by an entity using the liquidation basis of accounting.
Major Topics
Creditor Concepts
Lien Concepts
The Benefits of Bankruptcy
Types of Bankruptcy
Bankruptcy Players
Public Relations
Bankruptcy Rules
Costs of Bankruptcy
