Corporate Bankruptcy Explained
Corporate bankruptcy is a legal process that allows a company to reorganize or liquidate its assets in order to pay back creditors. It is a last resort for companies that are struggling to stay afloat and cannot repay their debts. The process is overseen by a bankruptcy court and can be very complex. Here, we will explain the basics of corporate bankruptcy and how it works.
When a company files for corporate bankruptcy, it is essentially admitting that it cannot repay its debts. This filing initiates a legal process that gives the company some protections from its creditors. The first step is for the court to appoint a trustee who will oversee the case. The trustee will work with the company to develop a plan for repayment or liquidation of assets.
Creditors also have a role in this process.
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