Chapter 11 liquidating trustee who is david bowie dating
The creditors with first priority for repayment include state and federal tax agencies, employees owed wages and stockholder interests; they are each put into their own class.
Each secured creditor also is placed in its own class, while unsecured claims are placed together in one class.
Confirmation and Debt Discharge: If your reorganization plan is reasonable, done in good faith and in compliance with the law, the court typically will confirm it.
The Chapter 11 Process Filing a Petition: Either the debtor or its creditors may file a petition for Chapter 11 bankruptcy protection, the latter route referred to as an involuntary petition. This means creditors may not pursue existing or new collection activities for unpaid debts unless the court issues a modification to the stay.Chapter 11 allows the debtor to propose a plan for profitability post-bankruptcy, which may include trimming costs and seeking new sources of revenue or income, while temporarily holding creditors at bay.In contrast, Chapter 7 bankruptcy (often referred to as a liquidation) involves the closure of the debtor business and the sale of liquid assets to repay creditors.Appointed Chapter 11 Liquidating Trustee of name brand, airline focused retail company that filed for bankruptcy in Arizona.Oversaw the wind down of the estate, sold assets, and pursued litigation claims.
Engaged as Interim CFO on the day of bankruptcy filing.