25 May
2006
25 May
'06
13:46
On Thursday 25 May 2006 15:32, Ken Schneider wrote:
#7 means a company has -no- hope of paying its creditors and is going out of business.
#11 means a company is having financial difficulties and is trying to over come them. It also gives them court backing and allows them to temporarily suspend payment to its creditors until another payment option is agreeable to all involved.
For those interested in US bankruptcy law http://www4.law.cornell.edu/uscode/html/uscode11/usc_sup_01_11.html