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Essay / Research Paper Abstract
This 7 page paper examines Chapter 11 bankruptcy, looking at what it is and the various characteristics, including the concept of the debtor in possession, the appointment and role of the trustee, the appointment and role of the committee, the differences between secured and unsecured debts, the automatic stay, conversion, dismissal and discharge. The bibliography cites 4 sources.
Page Count:
7 pages (~225 words per page)
File: TS14_TEchapt11.rtf
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Unformatted sample text from the term paper:
chapter 7 and chapter 11. Chapter 7 sees the assets of the company sold to realise their value in order to pay of the creditors, invariably failing to pay off
all debts (Epstein, 1995). Chapter 11 is the more common type of bankruptcy, the underlying rationale is that a business may be worth more and have a better chance to
pay off its debt if it is a going concern and is able to carry on trading. Under chapter 11 the company is given the chance to reorganise in order
to become more profitable and pay off the debts, the process is therefore one which may be seen as allowing management to retain control subject to constraints and allow the
company some breathing space against the creditors (Epstein, 1995). Bankruptcy is controlled by federal law. Once a chapter 11 bankruptcy in place there cannot be the collections of the outstanding
debt by the creditors (Frey et al, 2006). The start of a chapter 11 bankruptcy is the petitioning of the court in the
region where the debtor company1 has residence or domicile (Waxman, 2002). The petition may be a voluntary petition filed by the debtor, or the creditors may file for the bankruptcy
where it is involuntary as long as the requirements under 11 U.S.C. ?? 301, 303. are met (Epstein, 1995). Where the petition is voluntary the filing should also include a
schedule of assets, and income and expenditure schedule, a list of unexpired leases and executory contracts, and a statement of financial affairs (Epstein, 1995). Upon filing for a chapter 11
bankruptcy the debtor becomes the "debtor in possession" under 11 U.S.C. ? 1101. This means that the debtor ., without a trustee, retains the control of the assets while a
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