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56Chevy

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Re: chemist72 post# 32281

Monday, 03/11/2019 2:56:51 PM

Monday, March 11, 2019 2:56:51 PM

Post# of 37346
Ch 11 is filed to give the estate the time and the opportunity (with protections) to come up with a POR.. but once its been established a POR is no longer a viable possibilty the case is transitioned to ch 7 liquidation. Its not a "whole new bankruptcy proceeding". In ch 7 the "debtor in possession" (DIP) is no longer in control of the company. A US Trustee will be assigned by the bk court to take over the affairs of the company and tasked with the job of liquidating and distributing any remaining funds in the estate.






In faith there is enough light for those who want to believe.. and enough shadows to blind those who don't. ~ Blaise Pascal


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