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Essay / Research Paper Abstract
This 10 page paper considers why Enron failed. The paper looks at the root causes and why it was not caught earlier by the auditors and accountants, and asks if the same would, or could, have occured in the UK. The bibliography cites 6 sources.
Page Count:
10 pages (~225 words per page)
File: TS14_TEEnron1.rtf
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Unformatted sample text from the term paper:
future and the question of whether or not this would have occurred in the UK may be tackled. There are many considerations if we look at what we mean
by failure and the reasons that have been out forward for the failure of companies we can consider how these fit in with Enron.
The way in which a business will cope with failure will vary. In some cases the company will simply cease trading. However, a tool often used is that
of bankruptcy. Globally bankruptcy is declared when a company is in financial hardship and appears not to be able to meets its obligations. The bankruptcy may be voluntary, or the
result of an action brought by a disgruntled creditor. There are several types of bankruptcy. The best well known is a bankruptcy that results in the closure of the company
and the sales of the assets, with the capital that is realised paying creditors off in a set order, secured creditors gaining priority over unsecured creditors. This is known as
a chapter 7 bankruptcy. Bankruptcy is also a protection. In some cases a company may have severe problems, but it is in
the interests of all parties for the company to gain some portion from creditors to allow it to continue trading and ultimately pay of all debts and create a beneficial
outcome. In the United States this is known as a chapter 11 bankruptcy. In the case of Enron is was not seen as a company that could be rescued and
as such was completely wound up. The reason that bankruptcy is filed may be as simple as the company not having enough
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