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Bankruptcy

In: Corporate Restructuring

Author

Listed:
  • David E. Vance

    (School of Business Rutgers University)

Abstract

Bankruptcy is a powerful weapon for giving a company a fresh start. Bankruptcy can be used to defend against creditors trying to strip a company of assets. It can also be used offensively against customers that file bankruptcy and refuse to pay. Under the right circumstances, bankruptcy law can be used to squeeze concessions from bondholders, banks, customers, suppliers, landlords and unions. This chapter is limited to corporations. The debt of sole proprietorships and partnerships flows to owners personally. Corporations can only use Chapters 7 and 11 of the bankruptcy code, therefore this discussion is limited to those chapters. The purpose of this chapter is to demystify bankruptcy and help the new CEO or turnaround consultant understand some of the strategic options that bankruptcy law provides. This discussion will cover the bankruptcy process, where to find bankruptcy law, and how to use bankruptcy.

Suggested Citation

  • David E. Vance, 2009. "Bankruptcy," Springer Books, in: Corporate Restructuring, chapter 0, pages 243-264, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-01786-5_16
    DOI: 10.1007/978-3-642-01786-5_16
    as

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