Bankruptcy professionals are required to prepare various types of financial information that are used by several stakeholders (e.g., U.S. Trustee, creditors, lenders, creditors' committees). This information is prepared at various times throughout the bankruptcy lifecycle and is used for different purposes. This panel will discuss monthly operating reports (MORs), statements of financial affairs (SOFAs), statements of assets and liabilities (SOALs), cash-flow budgets and projections, and liquidation analyses. The panelists will focus on the preparation of these items, including assumptions in preparing the information and its use by stakeholders. They also will discuss limitations in preparing the information (not GAAP), information that is not readily available from the debtor’s financial reporting systems, and timing in preparing the information, using real-world examples based on the debtor’s industry.
Description
Conference