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Corporate insolvency law in the United States is governed by federal law, primarily the Bankruptcy Code (Title 11 of the United States Code). The Code provides for different types of bankruptcy proceedings, including Chapter 7 (liquidation), Chapter 11 (reorganization), and Chapter 13 (adjustment of debts of an individual with regular income).
Under Chapter 11, a corporation can continue to operate while it restructures its debts and liabilities. This allows the company to keep its assets, continue to pay its employees, and avoid liquidation. Chapter 11 is often used by companies that are struggling financially but have a chance of becoming profitable again.
Chapter 7 is the most common type of bankruptcy for corporations and it is often referred to as a "liquidation" bankruptcy. It is used when a company is no longer able to pay its debts and there is no chance of recovery. In a Chapter 7 bankruptcy, a trustee is appointed to sell the company's assets to pay off creditors. Any remaining debt is discharged, and the company is dissolved.
Chapter 13 is used for an individual with a regular income, not for corporations. It is a way to repay some or all of the debt over some time, typically three to five years.
Special features of Corporate Insolvency law in the US
Corporate insolvency law in the United States has several unique features, including:
Filing for bankruptcy automatically triggers an "automatic stay," which stops creditors from collecting debts or pursuing legal action against the company. This gives the company some breathing room to reorganize its finances.
Creditors are divided into classes, with each class having a different priority for repayment. Secured creditors, who have collateral for their loans, are typically paid first, while unsecured creditors are paid last.
·Discharge of debt
Once a company has completed its bankruptcy plan, most of its debts will be discharged. This means the company no longer has to pay them. However, certain types of debts, such as taxes and student loans, are not dischargeable.
Companies in Chapter 11 can propose a reorganization plan to creditors, outlining how they will repay their debts and emerge from bankruptcy. If the plan is approved by the court, the company can continue to operate and emerge as a financially stable entity.
A trustee is appointed to oversee the bankruptcy process, ensuring that the company's assets are sold off in an orderly manner and that the proceeds are distributed to creditors. The trustee also monitors the company's compliance with the bankruptcy plan.
Bankruptcy cases are heard in federal court by a bankruptcy judge, who has the power to approve or reject reorganization plans, confirm, or dismiss petitions, and approve or deny the discharge of debts.
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