Corporate reorganization takes place under Chapter 11 of the Federal Bankruptcy Reform Act of 1978 as amended by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 6 The general objective of a proceeding under Chapter 11 is to the event of a distressed situation When these are not transparent andor are based on outdated processes with arbitrary and possibly corrupt outcomes then the entire economic system suffers and growth is inhibited Such is the case in several emerging marke

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The US Bankruptcy Code spells out the different types of bankruptcy which are known by the chapter of the code in which they appear Individuals who go broke generally file for Chapter 7 bankruptcy whi... View the full answer