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Today's Terms
Liquidating reorganization
Definition:
An informal term for a Chapter 11 proceeding when the company is essentially liquidated through one or more asset sales.
Voluntary bankruptcy
Definition:
Bankruptcy filed by the debtor itself; data from the U.S. Administrative Office of the Courts subdivides bankruptcies into voluntary and involuntary.
Petition
Definition:
The document that commences a bankruptcy proceeding. plan of reorganization - the document setting forth how a bankrupt company plans to satisfy its creditors.
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