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Bankruptcy Code: Difference between revisions
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If it becomes neither the court nor the creditors approve the plan or otherwise it becomes clear the reorganisation is not feasible, the case may be converted to a traditional bankruptcy under Chapter 7 whereupon the business's assets are liquidated, and the proceeds are used to pay creditors. Usually in the case the business is eventually dissolved. | If it becomes neither the court nor the creditors approve the plan or otherwise it becomes clear the reorganisation is not feasible, the case may be converted to a traditional bankruptcy under Chapter 7 whereupon the business's assets are liquidated, and the proceeds are used to pay creditors. Usually in the case the business is eventually dissolved. | ||
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*{{isdaprov|Section 2(a)(iii)}} of the {{isdama}} | |||
*[[Netting]] and [[nettance]] | |||
*{{br|Ser Jaramey Slizzard}} | |||