{"id":1699,"date":"2022-08-24T05:39:35","date_gmt":"2022-08-24T05:39:35","guid":{"rendered":"https:\/\/evanslawonline.com\/?page_id=1699"},"modified":"2022-12-07T15:32:57","modified_gmt":"2022-12-07T15:32:57","slug":"business-closure-corporate-chapter-7","status":"publish","type":"page","link":"https:\/\/evanslawonline.com\/bankruptcy-2\/business-closure-corporate-chapter-7\/","title":{"rendered":"Business Closure & Corporate Chapter 7"},"content":{"rendered":"\t\t
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\u201cLet Us Navigate the Law for You, Stop Worrying and Take the Stress Off . . . \u201c<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tLet's Talk<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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A Fresh Start<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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BUSINESS CLOSURE AND CORPORATE CHAPTER 7<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\tChapter 7 bankruptcy of a business involves its liquidation and should be viewed as a last resort\nwhen all other reasonable and realistic alternatives to chapter 7 have been explored and\nexhausted. Alternatives to chapter 7 for a business may include obtaining new sources of debt\nfinancing or capital investment, sale of assets or sale of the business in whole or in part, an outof-court workout with creditors, or a restructuring under chapter 11 or 13. If none of these\nalternatives are viable, management or owners of a business may want to file a chapter 7\nliquidation for a financially troubled business that is unable to pay its debts or has debts greater\nthan assets (i.e., insolvent). If a business is insolvent or in the zone of insolvency, there is a\ndeveloping body of case law that holds that management no longer has a duty to the owners\n(i.e., shareholders or other equity holders) of the business, but rather to its creditors. By filing a\nchapter 7 bankruptcy, management can ensure that creditors\u2019 claims are dealt with in a single\nunified proceeding and that the debtor\u2019s assets are not stripped apart by different creditors\npursuing their individual legal remedies, such as by judgment enforcement. The decision\nwhether a chapter 7 is appropriate for a particular business must be made based on the facts\napplicable to that business.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\tDepending on the extent of the assets and debts, sometimes it makes sense to negotiate\nsettlement of debts outside of the bankruptcy proceeding. The benefit of this may be that\ncreditors receive a higher dividend on their claims than they would receive if the assets were\nsold by a Chapter 7 Trustee. This makes sense if there is time and corporate management that\nis able to assist in the voluntary liquidation process.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\tThe attorneys at Evans Law have over 35 years of combined legal experience in dealing with\nbusiness closures and corporate bankruptcy. Chapter 7 Corporate bankruptcy may pose some\nchallenges requiring the assistance of a bankruptcy attorney to ensure that no mistakes are\nmade. In addition, the attorneys at Evans Law are experienced with bankruptcy litigation\nincluding trials on dischargeability issues that may be disputed by creditors. The debtor in\nbankruptcy needs a practitioner that can and will deal with any of the legal issues that might\noccur, rather than having a different attorney for the primary filing, and another attorney if\nlitigation becomes necessary.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

\u201cLet Us Navigate the Law for You, Stop Worrying and Take the Stress Off . . . \u201c Let’s Talk A Fresh Start BUSINESS CLOSURE AND CORPORATE CHAPTER 7 Chapter 7 bankruptcy of a business involves its liquidation and should be viewed as a last resort when all other reasonable and realistic alternatives to chapter… Continue reading Business Closure & Corporate Chapter 7<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":327,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"yoast_head":"\nBusiness Closure & Corporate Chapter 7 - Evans Law Offices<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/evanslawonline.com\/bankruptcy-2\/business-closure-corporate-chapter-7\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business Closure & Corporate Chapter 7 - 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