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December
2004/
January 2005 |
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AIRA
President’s Letter
Soneet R. Kapila |
Dear AIRA Members:
First, a “Thank You”
to Michael Sullivan, Conference Chair for a very successful Plan
of Reorganization Conference in New York. This event and a well
received and attended AIRA breakfast panel discussion at the NCBJ
in Nashville allows us to end 2004 on a high note. And now, for
our agenda for 2005:
AIRA has set forth the platform
to make a greater impact in the insolvency and restructuring professional
community. AICPA injected new publications into the technical
literature arena, addressing accounting and valuation issues and
litigation compliance standards.
Professor Jack Williams, our
“resident scholar,” is embarking on the preparation
of “white papers” to address various bankruptcy accounting
and valuation issues frequently confronted by bankruptcy judges.
The object of the white papers is to familiarize the judiciary
with the multiple disciplines that comprise AIRA. These papers
will address topics in the bankruptcy field such as insolvency
analyses, substantive consolidation and valuations of enterprises
and reorganization values.
Professor Williams has set ambitious
goals for his partnership with AIRA. With his assistance, the
Association intends to research and prepare a study on the requirement
of Daubert and its application to financial expert testimony.
Professor Williams will also
assist in the preparation of a web-based course on bankruptcy
issues so that AIRA can provide continuing education seminars
electronically. His efforts will also include preparation of educational
articles and essays for posting on the AIRA web site. These articles
would include a bankruptcy primer, FAQs on § 1398 of the
IRC, and fresh start accounting.
AIRA has established a special
committee to revisit SOP 90-7 to consider any necessary revisions.
For those who have had experiences and issues related to SOP 90-7,
please e-mail your issues to the Association so that the committee
can incorporate your topics. Brief articles or experiences will
be shared with the membership and may be included in future issues
of AIRA News.
Best wishes,
Soneet R. Kapila
AIRA President
Soneet
R. Kapila is the founding principal of Kapila &
Company. After several years experience with international and
regional accounting firms, he formed Kapila & Company, which
has concentrated its efforts for many years in the areas of
consulting and representing bankruptcy debtors, creditor bodies
and trustees. His practice is concentrated in the area of creditors’
rights, bankruptcy, and financial transactions litigation. He
also regularly advises clients about the insolvency implications
involved in business transactions. Mr. Kapila has served as
Bankruptcy Trustee, Examiner and State Court Receiver in numerous
matters in the Southern District of Florida. He has advised
and represented debtors and creditors’ committees in formulating,
analyzing and negotiating plans of reorganization. Mr. Kapila
is a recognized expert in fraudulent conveyance and insolvency
issues. He has provided expert testimony and extensive litigation
support services to law firms involving complex insolvency issues.
Mr. Kapila is a sitting trustee on the panel of U.S. Bankruptcy
Trustees in the Southern District of Florida.
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