Chapter 11 bankruptcy is the formal process that allows debtors and creditors to resolve the problem of the debtor’s financial shortcomings through a reorganization plan; see Tamir v. United States Trustee. Accordingly, the central goal of...
accounting
Chapter 13 bankruptcy
In general, insolvent individuals have the choice of either a chapter 7 or chapter 13 bankruptcy, each governed by the United States Bankruptcy Code. Chapter 13 of the Bankruptcy Code is titled "Adjustment of Debts of an Individual with...
Chapter 13 plan
Chapter 13 of the United States Bankruptcy Code allows individuals with regular income to develop a plan to repay some or all of their debts. Debtors are required under this chapter to propose a repayment plan to make installment payments...
Chapter 7 bankruptcy
Overview
When a debtor becomes insolvent and the bankruptcy proceeding begins, the debtor will either liquidate its assets or reorganize its debts. The liquidation route is governed by Chapter 7 of the Bankruptcy Code.
In a...
charity
A charity is a nonprofit organization whose efforts are focused on aiding those in need. This can take several forms, which can be local or international in scope. Some raise money or provide services like food, clothing, or shelter to...
chart of accounts
A chart of accounts (COA) is a list of all the financial accounts identified in the general ledger of any business. In other words, COAs list all the accounts involved in the company’s day-to-day operations. The COA is used to locate any...
collateral
Collateral is an item of value, such as property or assets, that is pledged by an individual (borrower) in order to guaranty a loan. Upon default, the collateral becomes subject to seizure by the lender and may be sold to satisfy the debt....
committed credit facility
Committed credit facilities are a type of credit facility where the borrower and lender negotiate specific terms which, upon satisfaction by the borrower, obligate the lender to borrow the money. That is, if the borrower meets certain...
common stock
Common stock is a class of stock that represents equity ownership in a corporation. Owners of common stock, called shareholders, are entitled to the following rights:
Voting rights to elect the members of the board of directors....compensation committee
The compensation committee is a committee composed of a company’s board of directors in charge of reviewing and approving the compensation of a company’s officers.
Securities and Exchange Commission (SEC) Rule 10C-1 requires...