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Essay

“Creating a Bankruptcy Plan” Simulation Summary

Essay specific features

 

Issue:

Business

 

Written by:

Raymond S

 

Date added:

August 29, 2014

 

Level:

University

 

Grade:

A

 

No of pages / words:

3 / 638

 

Was viewed:

5731 times

 

Rating of current essay:

 
Essay content:

Chapter 11 bankruptcy requires a plan approved by debtors and creditors to pay a certain amount of the debts and discharging the remainder. During the repayment period the company continues operation under court observation. Standard time frames for Chapter 11 are determined by the court and include: 180 days after petition for debtor to file a plan (18 month maximum), 180 day period for the debtor to gather creditor acceptances (20 month maximum), Confirmation by court period varies on proceedings, and a repayment period of 3-5 years...
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The repayment plan I choose for Cardew spanned 3 years and paid the creditors in the following priority order: Steinway Commercial bank (repaid in 3 years), outstanding wages and benefits (repaid in 1 year), and Sawyers Printing Supplies (repaid in 2 years). An additional measure was added in that laying off 2 employees to streamline operations was imperative in order to cut costs...
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General issues of this essay:
“Creating a Bankruptcy Plan” Simulation Summary Bankruptcy of Social Security Bankruptcy Bankruptcy Bankruptcy Creating a Bankruptcy Plan new bankruptcy laws The New Bankruptcy Law The New Bankruptcy Laws Bankruptcy Bankruptcy bankruptcy When Filing For Bankruptcy In Bankruptcy Chapter 13 Bankruptcy Law
 

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