There has been a major global crisis, and your company's board of directors has announced that the company is going bankrupt. No one could have seen this one coming. Your CEO has called you in to his office to start the insolvency process. Based on the latest published financial statements, your job is to come up with a plan that will be used to inform the company, its shareholders, and its creditors.
A. As your company's controller, compose a summary report to your CEO advising him on the effects of the insolvency.
B. From a global perspective, what effects would the insolvency of your company have on the U.S. economy as well as the global economy (i.e., other countries)?
C. Construct a worksheet for the CEO showing the effects of the insolvency on the company, shareholders, and creditors.