Alan, Yes... you've correctly stated it for the US version. People you owe money to have to halt collection proceedings, the court appoints an overseer to decide who gets paid when etc. Downside is that quite often you now become a cash only business (for the small guy with little in the way of assets.) The up side is that it's considered responsible business (You aren't cheating people out of money, you're just taking longer to pay them.)
James On Thu, 2003-01-16 at 06:07, Alan Wilter Sousa da Silva wrote: > Please, it's to me understand. I believe that here in Brazil we have > something similar to US-Chapter 11. So, this C.11 would be like a > moratorium? Like what is happening to Argentina this moment for example. > > Because, certainly, things don't take place here as in Germany. > > On Thu, 16 Jan 2003, Wolfgang Bornath wrote: > > > The difficulty is to tell it to folks like mine (Germans) who don't > > have that kind of "Chapter 11". Well in a sense we have it too but the > > normal way is: "You can't pay your bills and you don't get investors to > > do that for you? You can't find a larger company to buy you out? > > You're out." The business will be closed and everything will be sold > > to satisfy the creditors. You can start with a new business. >
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