The Bankruptcy Code provides that a debtor may voluntarily convert its case from Chapter 11 to Chapter 7 unless a Chapter 11 trustee has been appointed, the case was commenced involuntarily, or the case had previously been...more
The essence of a Chapter 7 business bankruptcy is the orderly liquidation of the business debtor’s assets by a bankruptcy trustee and the distribution of funds to creditors.
Troutman Pepper Locke's Creditor’s Rights...more
The purpose of the 341 Meeting is to examine the debtor’s financial position and to confirm facts stated by the debtor in the bankruptcy filing. While creditors are not required to attend the 341 Meeting, creditors have an...more