chapter 11

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In the USA, the statute of the Bankruptcy Reform Act 1978 that refers to the reorganization of partnerships, corporations, and municipalities, as well as sole traders, who are in financial difficulties. Unless the court rules otherwise, the debtor remains in control of the business and its operations. By allowing activities to continue, debtors and creditors can enter into arrangements, such as the restructuring of debt, rescheduling of payments, and the granting of loans. Compare chapter 7.

Subjects: Economics.

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