What is bankruptcy?

according to the United States, “Bankruptcy Law” Chapter XI, insolvent debtor filed for bankruptcy protection if successful, will be able to keep control of the property and business enterprises. This arrangement gives the debtor and creditors to cooperate considerable flexibility to restructure the company in order to be able to revive the company.

bankruptcy can be understood as a process of game parties, employers, labor of the game, and consumers do not have a great relationship. Through bankruptcy protection, the beleaguered company from bankruptcy, and then look for opportunities to restructure the continuation of corporate life.

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