A Discussion about Fraud and Bankruptcy |
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With economic conditions likely to drive more companies to consider filing for bankruptcy, one potential concern is whether the greater scrutiny that generally results could lead to claims of fraud against the company and its executives. But is fraud really more prevalent in troubled companies? Are certain industries more prone to both bankruptcy and fraud? What are the recent trends of bankruptcy filings by companies identified in Securities and Exchange Commission (SEC) fraud-based enforcement actions?
In “A Discussion about Fraud and Bankruptcy,” Nigel Holloway, director for the Americas of the Economist Intelligence Unit, moderates a discussion with Sheila T. Smith, principal and national service line leader of the Reorganization Services group of Deloitte Financial Advisory Services LLP, and Susheel Kirpalani, the chair of bankruptcy and restructuring at Quinn Emanuel. They navigate the findings from a recent study conducted by the Deloitte Forensic Center and the Reorganization Services group related to bankruptcy filings and SEC enforcement releases in regards to financial statement fraud.
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