There are numerous reasons why a company might initiate bankruptcy proceedings, including:
Generally speaking, organizations undertaking bankruptcy proceedings will be in financial distress or experiencing insolvency. The first four reasons listed above are common problems for businesses in a nationwide or global recession.
According to the US Bankruptcy Code, there are two main types of corporate bankruptcy:
This type of bankruptcy is known as a “straight bankruptcy” and is the process of liquidating (selling off) the organization’s non-exempt assets in order to pay creditors.
This chapter provides an alternative solution to liquidation for insolvent companies. A chapter 11 bankruptcy allows the organization to remain trading while continuing to pay its debts. A chapter 11 petition may be voluntary (filed by the debtor) or involuntary (filed by creditors).
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