Tomorrow company must disclose all of it's assets and make a list of all the debts that its seeking protection from.
Tomorrow creditors also meet with the debtor. The creditors entire right to question the debtor.
If the bankruptcy court finds that there has been fraud or gross mismanagement on the part of the debtor, they can appoint a trustee, who will take over the operations of the debtor for the duration of the proceeding. The business continues to operate as normal, but the original owner is no longer in control.
In Chapter 11 proceedings, a creditors' committee represents the majority of the unsecured creditors, and negotiates the best possible payment options for them.
Once the debtor submits a reorganization plan, the creditors and the company's stockholders vote on it. Once the court approves the plan, the Chapter 11 bankruptcy is certified and confirmed.
