In the bankruptcy process, CPAs can participate in a number of capacities, such as account/financial advisor for the debtor, the creditor’s committee, the equity committee, the examiner, the trustee, etc. In addition, the increasing sophistication of bankruptcy proceedings have resulted in an increase in demand for business valuation services in the bankruptcy-distressed arena. Business valuations performed in this context expose CPAs to many unique issues not found in other valuation engagements.
Susan Brown participated as part of an Arthur Andersen & Co. contract with the Office of Thrift Supervision in Louisiana and Mississippi. As part of this contract she assisted in the closure of failed savings and loan institutions by inventorying and analyzing financial records to ensure protection to deposit holders and provide asset and loan protection prior to turning over the institution to the Resolution Trust Corporation.