Keyword Analysis & Research: chapter 11 bankruptcy partnership


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Frequently Asked Questions

What is a Chapter 11 bankruptcy?

A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. Usually, the debtor remains “in possession,” has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.

What happens to a debtor partnership in a Chapter 11 reorganization?

In a Chapter 11 reorganization, even though the debtor partnership's management typically remains in place as a debtor in possession, some operating control is lost. For instance, the court must approve administrative expenses and actions outside the normal course of business, such as asset sales.

What is a Chapter 11 plan?

Chapter 11 plans filed by creditors typically provide for the liquidation or takeover of the debtor’s assets and business. The debtor usually has the exclusive right for 120 days after it files bankruptcy to propose a Chapter 11 plan.

Who can seek relief in Chapter 11 bankruptcy?

People in business or individuals can also seek relief in chapter 11. A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy.

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