Earlier this fall, the Congress passed massive legislation that changed the nature of bankruptcy proceedings for both individuals and corporations. The dust is just beginning to settle on the new bankruptcy rules, but already some opportunities for financial professionals have surfaced."On the corporate side, there are going to be a lot more opportunities for the accountants that represent the company to get involved, because there are going to be stricter guidelines required of companies that are trying to go into bankruptcy," said Ron Fink, president of New York-based Tono-Bungay Consulting. "And they're going to have to have those requirements met very quickly," he added.
Fink, a CPA, attorney and Certified Turnaround Professional, works with many clients who are experiencing financial difficulties. One thing he has noticed since the new bankruptcy legislation went into effect is that preparing for a bankruptcy filing "is definitely requiring more coordination in advance between accountants and lawyers, because you can't go into a bankruptcy today without having a pretty good idea how you're going to come out."
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