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structure & distribution capital, it will submit the
reorganization plan & disclosure statement the
court Liquidation in Bankruptcy The liquidation of a bankrupt firm usually
occurs once the courts have determined
that reorganization is not feasible.
•Three important as of liquidation in
bankruptcy are the procedures, the priority
of claims, and the final accounting.
• Judge may appoint a trustee
• Trustee takes charges of the property of the
bankrupt firm & protects the interest of the
• The Trustee is given the responsibility to liquidate
the firm, Keep records, examine creditor’s claims,
disburse money, furnish information as required &
make final reports liquidation.
• Secured Creditors
• Unsecured, or General Creditors...
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This note was uploaded on 03/24/2012 for the course BBA SBM taught by Professor Goa during the Spring '09 term at East West University, Chicago.
- Spring '09