Business Valuation and Bankruptcy
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Business Valuation and Bankruptcy helps you-whether you are an accountant dealing with a troubled company, a lender, an investor, a bankruptcy and restructuring lawyer/financial advisor, or a private equity player-to focus on solving everyday and case determinative disputes when creditors, lenders, and debtors have differing views of value.
Introducing valuation issues early on in the restructuring/bankruptcy process so you can plan accordingly, this book offers:
- Many real life case examples, case descriptions, and tables to demonstrate the applicable sections of the Bankruptcy Laws
- A review of the methods, applications, pros and cons of restructuring with the basic tools to understanding it
- A description of the life cycle of a troubled company and the various stages of a restructuring
- An analysis of the valuation issues that confront practitioners in the real world of application of the law
Business Valuation and Bankruptcy is written in terms that are common to bankruptcy professionals and is essential, timely reading for players in the bankruptcy and restructuring environment.
Table of Contents
Preface.
Chapter 1 Introduction
The Troubled Company Continuum
Operational and Financial Disstress
The Troubled Company Response
Valuation in Reorganization or Bankruptcy
Conclusion
Chapter 2 Industry Practitioners and Standards
Professional Organizations and Business Valuation Standards
Business Valuation Practitioners and Certifications
Conclusion
Notes
Chapter 3 The Basics of Business Valuation
The Purpose of the Valuation
Standard of Value
Premise of Value - Going Concern or Liquidation
Valuation Approaches
Fundamentals
Conclusion
Notes
Chapter 4 Income Approach
Discounted Cash Flow Method
Capitalized Cash Flow Method
Conclusion
Notes
Chapter 5 Market Approach
Guideline Company Method
Comparable Transaction Method
Conclusion
Chapter 6 United States Bankruptcy Code
Introduction to the Structure of the Bankruptcy Code
Commencement of a Bankruptcy Case and Filing of Schedules
Chapter 7 of the Bankruptcy Code
Chapter 11 of the Bankruptcy Code
Avoiding Powers under the Bankruptcy Code – Preferences
Avoiding Powers under the Bankruptcy Code - Fraudulent Transfers
Valuation Principles from the Bankruptcy Courts
Conclusion
Notes
Chapter 7 Valuations in Bankruptcy as of the Date of the Hearing
Introduction
Relief from the Automatic Stay and Adequate Protection
§ 363 Sales
Use of Cash Collateral
Disclosure Statement
Plan Confirmation – Feasibility
Plan Confirmation – Best Interests of Creditors Test
Plan Confirmation – Cram Down
Conclusion
Notes
Chapter 8 Valuations in Bankruptcy at a Time in the Past - Avoidance
Actions
Overview
Avoidance Actions – Preferences
Avoidance Actions - Fraudulent Transfers
The Applicable Legal Tests for Insolvency
Insolvency Test: The Valuation of Debts
The Insolvency Test: Valuation of Assets
Proof of Insolvency by Retrojection
The Insolvency Test: Comparing Assets and Debts
Is the Public Market's Assessment in the Past Conclusive Proof of Solvency,
Even If the Company Later Fails?
Use of Hindsight in the Valuation Process
Conclusion
Notes
Chapter 9 Solvency Opinions
Introduction
Who uses Solvency Opinions?
Solvency Opinion Preparation
Solvency Metrics
Case Studies
Conclusion
Notes
Chapter 10 Daubert
Challenges to Experts or Their Testimony
Lack of Relevance
Practical Lessons from Daubert Cases for Experts and Lawyers
Conclusion
Notes
Appendix
AICPA Statement on Standards for Valuation Services No. 1, Valuation of a
Business, Business Ownership Interest, Security, or Intangible Asset
Index |
