Bankruptcy Basics


Grant W. Newton, PhD., CIRA, CPA
Grant W. Newton is Professor Emeritus of Accounting at Pepperdine University, where he taught for 22 years. He also served as the Executive / Administrative Director of the Association of Insolvency and Restructuring Advisors from early 1970’s until his retirement December 31, 2015. His certifications include or have included CPA, CIRA, CFF, and CMA among others. He holds a Ph.D. in Accounting from New York University and is the author of Bankruptcy and Insolvency Accounting: Practice and Procedure and coauthor of Bankruptcy and Insolvency Taxation, both published by John Wiley and Sons. Grant was a member of the AICPA’s Task Force on Financial Reporting by Entities in Reorganization under the Bankruptcy Code that resulted in the issuance of the Statement of Position 90-7. Other works include coauthoring Consulting Services Practice Aid 02-1: Business Valuation in Bankruptcy and Providing Bankruptcy & Reorganization Services—Practice Aid, and editor of 2005 Bankruptcy Revisions: Implications for Business and Financial Advisors, all published by the AICPA. He also has published many articles in scholarly and professional publications.

Jack F. Williams, CIRA, CDBV
Jack F. Williams is a tenured Full Professor at Georgia State University College of Law and the Center for Middle East Studies in Atlanta, Georgia. Williams is also a Principal in the Restructuring, Disputes & Valuation Advisory Services Group with Baker Tilly Virchow and Krause, LLP. His areas of interest include bankruptcy and business reorganizations, mergers and acquisitions, business valuations in dispute, forensic accounting, commercial law and damages models, corporate finance, capital markets, fraud and anti-corruption, Islamic banking and finance, taxation, public finance, and law and statistics.


This text- and audio-based course provides a comprehensive yet flexible program to meet a variety of situations and objectives for individual or group study, consisting of eight parts:

  1. Nature of the Bankruptcy Process
  2. Preplanning for and Filing of the Petition
  3. Issues Related to Operating and Turning Around Troubled Businesses
  4. Creditor Rights and Claims
  5. Financial Reporting During Chapter 11 (FASB ASC 852)
  6. Chapter 11 Plans
  7. Reporting Requirements under FASB ASC 852 on Emergence from Chapter 11
  8. Special Situations Involving Financial Advisors in Recovery Action (e.g., preferences, fraudulent transfers, forensic accounting)


Through completing this course financial advisors will be equipped to:

  1. Recognize when assignment for benefit of creditors may be preferable to Chapter 11 for small businesses
  2. Help clients determine when to file a petition
  3. Support clients with preplanning for petition filing
  4. Account for client’s operations during Chapter 11
  5. Apply fresh start accounting
  6. Prepare schedules and reports to file with bankruptcy court
  7. Assist clients dealing with distressed businesses
  8. Prepare and submit documents for retention and fees
Price $195
CPE Credit Recommended, 5 CPE Credit hour(s), field of study—Accounting - Technical; Recommended, 3.5 CPE Credit hour(s), field of study—Business Law - Technical; Recommended, 2 CPE Credit hour(s), field of study—Business Management & Organization;
Knowledge level Basic: Most beneficial to CPAs and other financial advisors new to a skill or attribute, including individuals at staff or entry level in an organization as well as seasoned professionals with limited exposure to the area.
Additional Info Online registration and payment of fee will allow materials to sent to the participant’s email address and the participant must submit request for CPE credit after completing the requirements (instructions enclosed with materials). PowerPoint slides, exercises and study questions with suggested solutions are included. If unable to register online, participants may call AIRA’s office at (541) 858-1665 to order.
Format Digital Materials
Advance prep

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Requests for refunds must be received within 10 days after receipt of course subject to a $25 cancellation fee and return of all materials in good condition.

Question Resolution

For assistance regarding refunds, program cancellations, or other program related matters, please contact our offices at (541) 858-1665 or by email

National Registry of CPE Sponsors

Association of Insolvency & Restructuring Advisors (AIRA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of Continuing Professional Education (CPE) for group training on the National Registry of CPE Sponsors.

NASBA CPE Credits are made available and awarded for AIRA group training that complies with the Statement on Standards for CPE Programs. In accordance with these Standards, relevant group training details are disclosed to learners in advance via email invitations, registration websites, or other similar advance announcements.

AIRA’s CPE Sponsor ID Numbers:

  • NASBA National Registry: 103243
  • Texas State Board of Public Accountancy: 003242

Complaints regarding NASBA National Registry CPE Sponsors may be submitted to NASBA via their website, State boards of accountancy have final authority on the acceptance of CPE Credits for Certified Public Accountants (CPAs).