Preparing financial statements for debt restructurings

Reference no: EM13765859

Accountants are faced with the prospect of preparing financial statements for debt restructurings on a regular basis. Some of the restructurings are handled under the realm of the U.S. Bankruptcy Court; others are done on a private basis outside of court jurisdiction.

Explain the reasons for a company to settle their debt restructuring problems outside the U.S. Bankruptcy Court. What role does the accountant play during a restructuring?

Also, what are some of the accounting statements an accountant may need to prepare for a company in court, either under Section 7 or 11 of the Bankruptcy Act?

Reference no: EM13765859

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