Chapter 11
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| Provides a company a breather to attempt to turn things around. | ||
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Additional Comments:
Chapter 11 bankruptcy is available to every business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, while Chapter 13 provides a reorganization process for the majority of private individuals.
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Related Terms: | ||
Chapter 7 The filing a company makes when it decides to liquidate its operations. ... Cash-and-Carry Shell A shell company whose owners wish to sell most or all of the shell's ownership for ... Bankrupt Shell A public shell that has been created either through issuance of shares following a bankruptcy (these ... | ||
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