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Posted by / 31-Oct-2019 00:55

Chapter 11 liquidating trustee

At this point, the debtor is required to repay creditors in accordance to the respective agreements and operate in compliance with the terms of the reorganization plan.

Chapter 11 for Small Businesses Chapter 11 bankruptcy reorganization is commonly associated with larger corporations but it is available to qualifying small businesses.

Confirmation and Debt Discharge: If your reorganization plan is reasonable, done in good faith and in compliance with the law, the court typically will confirm it.

Once the plan is confirmed, debts that existed before the confirmation date (but not directly addressed in the plan) are discharged.

In contrast, Chapter 7 bankruptcy (often referred to as a liquidation) involves the closure of the debtor business and the sale of liquid assets to repay creditors.

The creditors with first priority for repayment include state and federal tax agencies, employees owed wages and stockholder interests; they are each put into their own class.

Each secured creditor also is placed in its own class, while unsecured claims are placed together in one class.

Sonoran Capital Advisors is a consulting firm that focuses on corporate restructuring, conflict resolution, litigation support, interim management, investment banking and related distressed situation advisory.

A boutique firm, Sonoran provides highly specialized services meant to prevent, alleviate, and eradicate business distress. Anyone who has traveled in the American Southwest knows of the harshness and beauty of the Sonoran Desert.

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