| 单词 | Chapter 11 bankruptcy |
| 释义 | Chapter 11 bankruptcy A provision of US bankruptcy law by which a firm can apply to the courts for protection against all creditors while it is reorganized so as to enable it to pay its debts. The argument for such a provision is that it gives better results for creditors as a whole than allowing firms to be forced into liquidation by any one creditor. The argument against is that if the market thinks a firm is capable of being made viable somebody solvent will buy it up; Chapter 11 merely gives incompetent or criminal managements more time to deplete the assets. |
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