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Related to Bankruptcy proceeding: Chapter 7 Proceedings


n the legal process by which a person, business, or corporation is declared to be insolvent and unable to pay creditors.
References in periodicals archive ?
ABG Shipyard itself is going through bankruptcy proceedings, and banks led by ICICI Bank have called for binding bids for the company.
Mourad also argued it was unfair to tax him on the income of the property during the bankruptcy proceeding since he had received no benefit from it during that time.
If we did this under the new law, it would have gone much smoother because we would not have to wait for the bankruptcy proceeding to close before creating the new company.
A church official and a lawyer characterized it as a necessary step to move the bankruptcy proceedings forward.
Surveys throughout the late 1990s reported that as many as 10 percent of all nursing homes nationwide were in bankruptcy proceedings.
Over the course of the six years since the involuntary bankruptcy proceeding was filed against her brothers, Sturman has suffered terrible financial hardships.
I sensed it when Foothill Capital said it would be insulted if a bankruptcy proceeding were used and it wasn't asked to provide Savin with the capital.
Maxicare and its creditors' committee opposed the motions because the removal of profitable plans from the bankruptcy proceedings would reduce the funds available to protect their interests.
One approach a company can take is to determine the amount of expense that would have been incurred had the bankruptcy proceeding not been instituted.
By going through with the bankruptcy proceeding rather than the auction another bankruptcy attorney explained, other creditors are satisfied at the same time.
Parties close to the bankruptcy proceeding identified the investment company as Lone Star Opportunity Fund, a Dallas-based company that formed in 1996.
In In re Continental Vending Machine Corporation, DC NY, 11/19/76, a taxpayer in a Chapter 10 bankruptcy proceeding claimed deductions for interest on debt to both its secured and unsecured creditors.