Role of certified public accountant in postponement of bankruptcy and restructuring by conciliation

Abstract

Due to corporations and cooperatives go bankrupt, important costs come up in economic manner. Two rehabilitation institutions, postponement of bankruptcy and restructuring by conciliation are put into practice for preventing the corporations and cooperatives collapse because of bankruptcy. These institutions’ aim is to straighten the corporation and cooperatives financial states, to provide move on and to reach the more profitable and healthy solution for all stakeholders. However, to put these institutions into practice in an effective way, is depend on lawyers and accountant professions working together. Within this phase, if accountant professions do not perform his responsibility as required, this will prevent to move on these rehabilitation institutions. Even in this case, probability of the misuse will be coming out by the malicious debtors easily.