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Business Chapters. Corporate Bankruptcy Building a successful business is very
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Submitted by kmoss1 on February 26, 2005
Category: Business
Words: 1474 | Pages: 6
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Corporate Bankruptcy
Building a successful business is very difficult and when doing so some may encounter financial hardship. The law has established a process that can help rescue businesses. This is called bankruptcy. What is bankruptcy to a company? How does bankruptcy rescue businesses? The reader will understand the meaning of bankruptcy to a corporation, be familiarized with types of proceedings, and identify with businesses that have been rescued by bankruptcy proceedings.
Bankruptcy is a federal system of statutes and courts which permits persons and businesses which are unable to pay debtors or in some cases face potential insolvency, to place their financial responsibilities under the control of the bankruptcy court (www.law.com). The way this works is that when the business's debts exceed its assets or is unable to pay, the business can file a petition with the bankruptcy court. This called filing for voluntary bankruptcy.
If a business does not file for bankruptcy the unpaid creditors can file an "involuntary" petition to force the business into bankruptcy (www.law.com). It is better and most common for businesses for file voluntary bankruptcy (www.law.com).
There are three types of petitions: Chapter 7, Chapter 11 and Chapter 13 (www.law.com). The most popular is for business to petition is under Chapter 7 (www.law.com). In Chapter 7, businesses are appointed a trustee by the court (www.law.com). The trustee is like a financial wizard. The trustee counts up the businesses assets with the plans of keeping them from the bankruptcy, pays debts the business owes with paying taxes first (www.law.com). The trustee then focuses on paying secured debts such as mortgages and lastly unsecured debts (www.law.com).
Then the court officially declares the business bankrupt and discharges the unpayable debts, this is a lost for the creditors (www.law.com). Filing a bankruptcy petition will suspend all existing...
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