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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Ch 31 Bankruptcy 1 Assignment

Ch 31 Bankruptcy 1 Assignment

Q 1) What is the main difference between a Liquidation proceeding under Ch 7 of the bankruptcy code and a Reorganization under Ch 11 of the Bankruptcy Code? 2) What is the main difference between a voluntary bankruptcy and an involuntary bankruptcy? How can an involuntary bankruptcy be accomplished? 3) Can any debtor simply choose whether to go for a Liquidation bankruptcy or a Reorganization? Which type of bankruptcy is preferred by most debtors? How is it determined? 4) Explain the concept of the Automatic Stay? 5) Explain the concept of the 3 main powers of trustees in bankruptcy?

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In case of a liquidation proceeding under Chapter 7 of the bankruptcy code and in case of a Reorganization under Ch 11 of the Bankruptcy Code, there are different ways of settling debts (Clarkson, Miller & Cross, 2016). The ways of liquidating assets are also different in case of such a liquidation and a reorganization. The application of Chapter 7 comes when the stage of reorganization has already been overcome by the company. There have been settlements of debts to creditors by the debtors according to the loaned amounts. There is the appointment of a trustee to ensure that the secured assets have been sold.