4 ms·

Which other countries have an equivalent to Chapter 11?

• pfortuny 6y ago
  Probably many. It is a standard way to re-structur the debt of something which might be a viable business in non-terrible circumstances. Spain: “concurso de acreedores”. The business asks the Government for a way to have lenders (acreedores) restructure/redimension the debt. This way workers can still have job in the future, assets keep their operating value...
  • deleted 6y ago
    [deleted]
• mnd999 6y ago
  Nothing like that in the UK afaik. In 2008 Lehman’s had their London office locked and everything frozen on the morning of the bankruptcy. The New York office was afaik still open under chapter 11.
• robk 6y ago
  Uk has the cva which is functionally similar
• momothereal 6y ago
  In Canada, there are 2 functional equivalents. A Division I Proposal [1] is a means for individuals and businesses to resolve "unmanageable debt", with no minimum amount. For large corporations with >$5Mil in debt, the CCAA federal law is more advantageous [2]. [1] https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02052.html https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02052.html [2] https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02284.html https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02284.html