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Today's Terms
Straight bankruptcy
Definition:
An informal term for a Chapter 7 bankruptcy or liquidation; used more commonly to describe liquidation before the Bankruptcy Reform Act of 1978.
Chapter Ten
Definition:
A new chapter of the bankruptcy code proposed in 1992 and pending in 1993. Chapter 10, like Chapter XI of the old code, is designed for small business reorganizations.
Liquidation value
Definition:
The aggregate value of a business if its assets are sold piecemeal.
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