February 16, 2012 - Attorney General Eric Schneiderman has
announced a new reform plan to reduce the regulatory burden
on New York not-for-profit organizations while strengthening their
governance and accountability.
The Attorney General's comprehensive plan distinguishes
itself from recent proposals to cap not-for-profit executive
compensation, emphasizing that improper compensation is not
representative of the New York not-for-profit sector as a whole.
Instead, the Attorney General seeks a practical approach to
assisting not-for-profits in reducing financial strains while
maintaining governance best practices.
The plan takes a three prong approach to reform: (1) The
Nonprofit Revitalization Act, (2) the "New York on BOARD"
initiative, and (3) the "Directors U" initiative.
Legislative and Administrative Reform
First, the Attorney...
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Internal investigations of billing issues usually involve audits. It is important to approach an audit carefully or the auditors can create more risk for the organization by misinterpreting the standards.
In Industrial Enterprises of America v. Burtis (In re Pitt Penn Holding Co., Inc.), 2012 WL 204095 (Bankr. D. Del. Jan. 24, 2012), a Delaware bankruptcy court held that the two-year statutory "look-back" period with respect to which a fraudulent transfer may be avoided pursuant to section 548 of the Bankruptcy Code cannot be "equitably tolled."
As the Public Company Accounting Oversight Board (PCAOB) inspects audits conducted by the registered independent accounting firms it regulates, it continues to see numerous audit failures relating to the accounting for, and disclosure of, related party1 and significant unusual transactions.
Compliance audits of outsourcing service provider arrangements have become increasingly common over the past few years, especially for service scope affecting public companies’ financial reporting.
Troubled offshore funds may have to become more creative in looking to protect their U.S. assets from creditors, if a controversial new bankruptcy court decision is upheld. A U.S. bankruptcy court in New York has declined to recognize the Cayman Islands liquidation proceedings filed by two Bear Stearns hedge funds whose Cayman liquidators had sought to protect against seizure of U.S. assets by filing petitions for protection under Chapter 15 of the Bankruptcy Code.
For decades there have been few, if any, significant opinions that considered a secured creditor’s right to credit bid its claim in an asset sale under a Chapter 11 plan.
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