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chapter 11

A Dictionary of Business and Management | 2006 | © A Dictionary of Business and Management 2006, originally published by Oxford University Press 2006. (Hide copyright information) Copyright

chapter 11 In the USA, the statute of the Bankruptcy Reform Act (1978) that refers to the reorganization of partnerships, corporations, and municipalities, as well as sole traders, who are in financial difficulties. Unless the court rules otherwise, the debtor remains in control of the business and its operations. By allowing activities to continue, debtors and creditors can enter into arrangements, such as the restructuring of debt, rescheduling of payments, and the granting of loans. Compare chapter 7; chapter 13.

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