What is bankruptcy in the business context?
Minneapolis Bankruptcy attorney Steven Silton describes why bankruptcy for businesses is unique.
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Phone: (612) 260-9003
Bankruptcy with regard to businesses is a organized process in which a business is either able to cancel their existing contracts and enter into a new contract pursuant to what’s called a plan of reorganization, or if the business is no longer viable they’re able to orderly liquidate their obligations in a way to maximize the value of those assets pursuant to court supervision.