CIRA Study Guide 2026
Everything you need to pass the CIRA exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.
📋 CIRA Exam Format at a Glance
📚 CIRA Topics to Study (21)
✍️ Sample CIRA Questions & Answers
1. An 'executory contract' in bankruptcy is best described as:
An executory contract is one where both the debtor and counterparty have ongoing obligations; the debtor may assume (keep) or reject (breach and treat as pre-petition claim) such contracts.
2. What is the MOST effective way for new CIRA professionals to build competency?
Building competency requires formal education, mentored practice, and ongoing development.
3. Which of the following is a common technique used in out-of-court restructurings to reduce a company's debt load?
In a debt-for-equity swap, creditors agree to cancel debt in exchange for equity in the company, reducing the debt burden while giving lenders an ownership stake in the reorganized business.
4. When conducting a risk assessment for CIRA operations, which factor should receive the HIGHEST priority?
The probability and severity of potential harm are the primary factors in risk assessment.
5. Why must insolvency advisors understand legal requirements?
Insolvency advisors must have a comprehensive understanding of legal requirements to effectively navigate complex bankruptcy and restructuring processes. This knowledge ensures that all actions taken are compliant with relevant laws, such as the U.S. Bankruptcy Code, protecting the rights and interests of all stakeholders, including creditors, debtors, and employees. Adherence to legal frameworks is crucial for legitimate, ethical, and successful outcomes.
6. In distressed M&A, a '363 sale' under the Bankruptcy Code allows assets to be sold:
Section 363 of the Bankruptcy Code enables a debtor to sell assets outside the ordinary course of business free and clear of liens, subject to court approval and a bidding process.