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Today's Terms
Chapter Ten
Definition:
A new chapter of the bankruptcy code proposed in 1992 and pending in 1993. Chapter 10, like Chapter XI of the old code, is designed for small business reorganizations.
Chapter Eleven
Definition:
Reorganization proceedings, generally for business entities; the debtor maintains control of the business in Chapter 11 (unless the Court appoints a trustee).
Liquidation value
Definition:
The aggregate value of a business if its assets are sold piecemeal.
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