Chapter 11
/ˈtʃæptər ɪˈlɛvən/
Definitions
- (n.) A chapter of the United States Bankruptcy Code governing reorganization bankruptcy, allowing businesses or individuals to restructure debts under court supervision.
The company filed for protection under Chapter 11 to reorganize its debts and continue operating.
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Commentary
Commonly referenced simply as "Chapter 11," it primarily involves restructuring rather than liquidation, distinct from chapters 7 and 13.
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