In Canada it is the same as Germany, the equivalent of Chapter 11 is for the benefit of the creditors, not the company. Assets get disposed of to satisfy debt. We are in fact losing the "head office" of many Canadian Co's that move their address to Delaware USA because of the tendancy there to give preference to keeping the company viable.
In my defence, my pension plan had some $ in Nortel, so I am automatically concerned over any sign of tech company problems. Sorry for the OT... Ken On Thursday 16 January 2003 12:49 pm, Wolfgang Bornath wrote: > On Thu, Jan 16, 2003 at 00:04 -0500, Lyvim Xaphir wrote: > > Miark: > > > > Excellent post! Kudos to you for that fine response. I can't add much > > to that, except to say that companies like Chrysler have weathered > > bankruptcy protection in the past, and look where they are today. > > Dennis Meyers was pointing this out in a post sometime yesterday. > > In this case, what doesn't kill you will make you stronger. SNIP > > I also regard Miark's response a fine wrap-up of the whole thing. > To you US-Americans and French people such a "bankrupt but still in > business" is common ground and well understood as a positive step > towards a healthy business. SNIP> > (Not only the Germans, there are some other countries where bankruptcy > is the end of a company.) > > wobo
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